Skip to comments.Huge new oil discovery in Brazil
Posted on 12/28/2005 6:38:29 PM PST by george76
Brazil's state-owned oil company, Petrobras, says it has discovered a huge new offshore oil field off the coast of Rio de Janeiro state.
The Papa-Terra field was found in the Campos Basin, which is already Brazil's most important oil-producing region.
Petrobras estimates it contains at least 700 million barrels of crude - about 10% of Brazil's current reserves.
The field, which is jointly operated with the US company Chevron, should start producing oil by the end of 2011.
Petrobras said the oil from the Papa-Terra field was heavier than the sweet light crude favoured by international markets, but the firm was investing $2bn in adapting its refineries to process heavy oil.
The new field is expected to help Petrobras achieve its goal of making Brazil self-sufficient in oil. Since 2003, the company has been meeting 91% of the country's needs.
The Campos Basin region already contains 40 other offshore oil fields producing more than 1.1 million barrels a day, amounting to more than 60% of Brazil's production.
(Excerpt) Read more at news.bbc.co.uk ...
I need to learn Portugese.
Too close to "Hugo" the Megalomaniac!
No no no!!! You can't drill for oil? What about the environment?
It spoken like Spanish, only with a Russian accent.
> Too close to "Hugo" the Megalomaniac!
Indeed, I hear Brazil too is being captivated by the leftist wave in South America.
No. You don't understand. They aren't Americans. It's OK for them to drill.
I want to be able to order a beer in Rio. And then some.
It's OK if you drill where the rainforest was clearcut, right?
No, it's only OK for them to drill if they confiscate the field from Chevron after it's developed, natinalize it, mismanage it, and run it into the ground.
Then all the leftists in America will admire them.
DRILL IN BRAZIL~!
I guess that peak oil theory that we will all be using the horse and buggy soon is going to take a hit.
Maximum utility of land resources. Sounds like a plan. More cuttin less talkin!!
I heard the pay is $1000 a day down there for us.
"Hola. Warning, your ship..."
Now if it was found off our coast the liberals would whine and tell us that drilling it would hurt the enviroment.
can't drill there sorry...very rare sea algae has been found..if we drill even 500 miles away from it, the universe as we know it may end
According to my math, Brazil runs out of oil in 20 years.
This addition is only a little more than 700 days worth of oil.
ANWAR is much larger! Barbara Boxer is not planning a vacation there anytime soon.