Petrobras Announces Four Oil Field Finds

Friday, July 27, 2001
Brazil's state oil giant Petrobras said on Thursday that it had made four "important" new oil finds that should boost its oil reserves by about 1.4 percent. Petrobras said the discoveries in Brazil's northeast region would eventually increase reserves by more than 130 million barrels, or 1.4 percent. Brazil's current reserves are 9.278 billion barrels. The finds were made in four mature fields where production was thought to be declining. "In these basins, with infrastructure already installed and paid off, the costs are low and the deposits are quickly developed," Petrobras said in a statement. The finds were made in one offshore block in the Sergipe-Alagoas basin and three onshore blocks in the Espirito Santos, Reconcavo Baiano and Potiguar basins. Analysts said the finds were not that significant in relation to total reserves, but were a good sign for the increasing number of oil companies exploring Brazil for oil. "The finds announced today represent a positive sign for future prospecting in Brazil," said Luiz Otavio, an oil analyst at Fator Doria-Atherino brokerage. Petrobras said the most important find was in the Sergipe-Alagoas basin where a potential 80 million barrels of oil were discovered. "This find, one of the biggest in the area in the last 30 years, will give new life to the production curve of this basin, which had already leveled off," Petrobras said in a statement. Oil exploration and production were opened to private competition in 1997, breaking Petrobras' monopoly on the industry. Just last month, Brazil sold a third round of E&P licenses to a slew of multinational oil firms. Brazil currently produces 1.338 million barrels per day, but still imports about one-fifth of the oil it consumes. Latin America's biggest country hopes to become self-sufficient in oil production by 2005. - (Reuters)
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2481 sec (4 req/sec)