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.
Huh...I thought Brazil embraced the “modern marvel” of ethanol as a fuel. So they want to drill for oil? I guess that ethanol thing didn’t work out after all.
And, it goes to show that there is plenty of oil to be had off the coasts of the US. Our oil companies have known it for years but the tree huggers would rather we live in shacks in the woods than exploit the resources we have.
blind ping.
Brail, huh? I didn’t see that coming.
No wonder they had such a hard time finding it.
This would be about the U.S. if it weren't for the Republican and Democrat liberals.
L O L !
Dayamm y’all is funny but you should ping the AdMod so they can change it and not make FReepers look overly “insensitive”.
Sure glad you were fair and included both parties!!!
“Huh...I thought Brazil embraced the “modern marvel” of ethanol as a fuel. So they want to drill for oil? I guess that ethanol thing didn’t work out after all.”
Not a very logical statement.
nice!
You’re no fun! /;?}
The thread could be a classic.
Yer way too funny Dude.! ! ! ! ! !ROFLMAO
How did they manage to see them, though?
Paging Mr. Peak Oil. Mr. Peak Oil, please pick up the white courtesy phone.
People who have been in the industry long enough develop a feel for it...
Brazil's biofuel business is doing quite well, but now that wouldn't suit your bias. We should be doing as well with our getting-off-middle-east-oil plans.
Yeah, I seen what he done, too!!! (snicker)(chortle)(guffaw!)
I know but the number of “blind” references were starting to near the intolerant and insensitive side.
We wouldn’t want DU DUFU-ing us, now, would we?
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