Friday, November 9, 2007


Brazil announces new oil reserves

‘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. [..]

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.’

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