The Brazilians think they have 80 BILLION barrels in their new field off their coast. Looks like the Saudis may have shot themselves in the foot with $95/bbl oil. I’d much rather give the Canadians and Brazilians my money than our enemies in the Middle East.
You really do need a better news source than what you are using. The field is about half the size of ANWR.
Petrobras Finds New Oil Frontier
http://rigzone.com/news/article.asp?a_id=52697
Petrobras analyzed and tested the Tupi area. The formation test analyses undertaken for the second well in the BM-S-11 block, located in the Santos basin, allows the recoverable volume of 28 degree API light oil to be estimated at 5 to 8 billion barrels of oil and natural gas.