The field was formerly known as Carioca, named after the demonym for people from Rio de Janeiro, and later renamed to Pão de Açúcar (Sugar Loaf), after the iconic Sugarloaf Mountain of the city. Being discovered in the pre-salt of the Santos Basin after the giant Lula Field (2007), then called Tupi, and just before Júpiter in January 2008, the first reports about the reserves caused high expectations. It was speculated and released to the press by a spokesman of the Brazilian national petroleum agency, Agência Nacional do Petróleo (ANP), that the field could contain reserves as large as of oil, which would make it the biggest discovery in 30 years and one of the largest oil fields worldwide, the biggest outside of the Middle East, surpassing the Cantarell Complex of the Gulf of Mexico and the Bolivar Coastal Field of the Venezuelan oil belt.