Brazil Announces New Oil Reserves

[ms]

Brazil Announces New Oil Reserves
BBC ^ | 11-8-2007 | Gary Duffy


Posted on 11/08/2007 6:38:57 PM PST by blam


Brazil announces new oil reserves

By Gary Duffy
BBC News, Sao Paulo




Brazil has developed expertise in deep-sea drilling in recent years

The Brazilian government says huge new oil reserves discovered off its coast could turn the country into one of the biggest oil producers in the world.

Petrobras, Brazil's national oil company, says it believes the offshore Tupi field has between 5bn and 8bn barrels of recoverable light oil.

A senior minister said Brazilian oil production had the potential to match that of Venezuela and Saudi Arabia.

Petrobras delivered its estimate after analysing test results.

The state-controlled company says the results show high productivity for gas and light oil - the best quality oil - which is more valuable and cheaper to refine.

Petrobras says the find has the potential to move Brazil into a position where it is one of the top ten oil reserves in the world.

The news, which led to a sharp rise in company shares, was also given an enthusiastic welcome by the government.

The senior minister in charge of the cabinet, Dilma Rousseff, said if the deposits turned out to be as significant as first thought, it would place Brazil in the same league as Venezuela and countries in the Arab world.

With a reserve like this, the country could be transformed into an exporter of petroleum, she said.

Most of Brazil's oil is heavy and found at great depth but even so its reserves have almost doubled in the last ten years, as has output.

Some analysts say this latest find raises the interesting scenario of offering a new source of supply to the United States, reducing its dependence on Venezuela, a country with which it has such a fraught relationship.

With the Tupi field potentially equal to 40% of all oil ever discovered here, it seems by any standards a significant moment for Brazil. And they said we were running short of oil in the world. ms

[magooch]

Hhhmmm, I wonder what Brazil's immigration policy is?  Aww forget it--I'm not learning that Spanish lingo for anything.

[ncsurveyor]

Brazil went heavily bio-fuel....I suppose this means they can get back to being a 21st century 'bread basket' food exporter,,,chiefly to here.
...TM7

They use ethanol big time in Brazil, must be they found a way to make it economical.   Not sure if its corn or sugar based though.

Of course, they use motorbikes for taxi's and mostly compact cars.

Hhhmmm, I wonder what Brazil's immigration policy is?  Aww forget it--I'm not learning that Spanish lingo for anything.

Its easy enough to get in.  They like tourists in Rio, and Sao Paulo.  They speak primarily Portuguese, though. 

There are some Quaker and Menonite settlements in the Rio Verde area.  You can still get a good cheeseburger with ham and egg.

[Sourdough]

Brazil makes their ethanol from sugarcane.  They are totally self sufficient for their domestic use with cars and trucks.  This would be gravy for them.