Peak Oil News: Brazil in 'major oil field' find

Wednesday, April 16, 2008

Brazil in 'major oil field' find


Brazil has discovered what could be the third biggest oil reserve in the world, according to the head of the country's National Petroleum Agency.

The deep-sea find by state-run oil firm Petrobras could yield 33 billion barrels in reserves.

Further tests are required to assess the scale of the find, off the coast of Rio de Janeiro, but analysts say it could have significant implications.

Brazil announced sizeable new gas and oil discoveries last year as well.

'Big number'

In December 2007, Brazil said it had found a new reserve in the Espirito Santo region a month after a reserve in the nearby Tupi oil field of up to eight billion barrels was found.

According to the US Energy Department, Brazil's existing proven oil reserves total 11.8 billion barrels, while the US holds 21.8 billion.

Referring to the latest discovery, Citigroup analyst Tim Evans said: "It's a big, big number".

Petrobras said "more conclusive data" about the potential of the discovery would only be known after further evaluation.

A spokesperson for the National Petroleum Agency said the statement by its president Harold Lima about the find was based on unconfirmed sources.

Even if the reserves are proven, it is likely to take ten years before the latest find can be turned into significant supplies.


At 12:37 AM, April 17, 2008, Blogger reason said...

What this doesn't say is that the find is so deep that there is no proven process for extracting it. Why don't we have an intelligent press anymore? It seems most journalists think bacteria and viruses are the same thing.

At 11:58 PM, January 05, 2009, Blogger Mohd said...

It is a challenge. Drilling it to the pre salt layer(5000m to 7000m) is challenging but it can be done. Contracts have already been awarded for sub-sea trees for the Tupi field just to name a few. In the past couple of years, Petrobras has invested approximately R$1.7 billion in drilling 15 wells that reached pre-salt layers. Eight of them have already been tested and revealed the presence of light oil and associated natural gas. They are still under assessment


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