Monday, March 23, 2009

The next oil giant?

Brazil's oil industry has big hurdles to clear

In the past two years Brazil has discovered the largest oil deposits in the country's history and the world’s most promising fields since the discoveries made in Kashagan in Kazakhstan in 2000. This has put Brazil well on its way to becoming a major producer in the future, but technological and financial hurdles will have to be overcome first.

The finds are located in the Santos oil Basin, 300 km from the coast at Rio de Janeiro in south-eastern Brazil. The first discovery—the giant Tupi field—was made in November 2007. Potential reserves are estimated by Petroleo Brasileiro (Petrobras, the state-controlled oil company) at 5-8bn barrels of oil equivalent (boe), which would make it the largest-ever deep-water oilfield discovery. Partner company British Gas is more optimistic, estimating that the field could contain 12-13bn boe. ...


[Source: The Economist: News analysis - Posted by FreeAutoBlogger]

No comments:

Post a Comment