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bernie
in ForzaMinardi.com Forum
Huge new oil discovery in Brazil

The Campos Basin region has recently attracted Lula's attention
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.

http://news.bbc.co.uk/2/hi/business/4563896.stm

Comments

  • Telstar
    Saw in the local paper here that Shell also found some oil off of Brazil's coast. Don't remember how big of a find though.
  • Minardus
    I read last month that Repsol YPF found a big gas or oil (can't remember what) field in SouthAmerica as well.
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