Petrobras find may be worth 33 bln barrels of oil
By lamborghini · Apr 14, 2008 · Author's Website
Reuters is reporting the Head of Brazil’s National Petroleum Agency (ANP) said on Monday an offshore find by state oil company Petrobras (NYSE: PBR) known as Carioca may contain 33 billion barrels of oil equivalent.
Haroldo Lima told reporters the find would be five times larger than last year’s giant subsalt Tupi discovery. He would not say whether the reserve estimate was recoverable or in-place. Petrobras last year put Tupi’s recoverable reserves at between 5 billion and 8 billion barrels of oil equivalent, most of it light oil.
Carioca is to the west of Tupi, which is located in Brazil’s Santos Basin. The block is 45% controlled by Petrobras, Brazil’s state-controlled oil company. British Gas LP Gas Ltd. holds a 30% stake and Repsol SA controls 25%.
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