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Brazilian Oil Field May Hold 8B Barrels
Friday, November 09, 2007
SAO PAULO, Brazil — Brazil's state oil company said Thursday that it has discovered as much as 8 billion barrels of light crude in an ultra-deep field off the coast of Rio de Janeiro, an amount that could help transform the country into a major world oil exporter.
Petroleo Brasileiro SA's announcement that the Tupi field has between 5 billion and 8 billion barrels of recoverable light oil sent Petrobras shares soaring 26 percent in New York, to a close at a new 52-week high.
The sheer magnitude of the find suggests Brazil could transform itself from a medium-level oil producer "to another level, like Venezuela, Arab nations and others," said presidential chief of staff Dilma Rousseff.
"This has changed our reality," she said, adding that the amount in the Tupi field could represent 40 percent of all oil ever discovered in Brazil.
Brazil became a net exporter of oil last year, but must still import light crude oil for the refined products it needs. The country produces — and exports — mostly heavy crude oil, which has to be mixed with the light oil in refineries.
Friday, November 09, 2007
SAO PAULO, Brazil — Brazil's state oil company said Thursday that it has discovered as much as 8 billion barrels of light crude in an ultra-deep field off the coast of Rio de Janeiro, an amount that could help transform the country into a major world oil exporter.
Petroleo Brasileiro SA's announcement that the Tupi field has between 5 billion and 8 billion barrels of recoverable light oil sent Petrobras shares soaring 26 percent in New York, to a close at a new 52-week high.
The sheer magnitude of the find suggests Brazil could transform itself from a medium-level oil producer "to another level, like Venezuela, Arab nations and others," said presidential chief of staff Dilma Rousseff.
"This has changed our reality," she said, adding that the amount in the Tupi field could represent 40 percent of all oil ever discovered in Brazil.
Brazil became a net exporter of oil last year, but must still import light crude oil for the refined products it needs. The country produces — and exports — mostly heavy crude oil, which has to be mixed with the light oil in refineries.
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