Oil Discovery in Brazil

Friday, November 09, 2007
A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said according to an AP report. The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable light crude, sending Petrobras shares soaring and prompting predictions that Brazil could join the world's "top 10" oil producers. Petrobras says the Tupi field, off Brazil's southeastern Atlantic coast, has between 5 billion and 8 billion barrels -- equivalent to 40 percent of all the oil ever discovered in Brazil. Brazil's total oil reserves currently rank 17th in the world, with 14.4 billion barrels of oil equivalent, Gabrielli said. News of the discovery rocked a country that became a net oil exporter only last year but must still import light crude oil for the refined products it needs. Brazil produces -- and exports -- mostly heavy crude oil, which has to be mixed with the light oil in refineries. Petrobras' American depository shares jumped $24.03 to $116.77 on the New York Stock Exchange to close at a 52-week high. Brazil was also reportedly withdrawing 41 blocks of underwater territory from an auction of 312 prospective oil blocks to be held this month. The country still will put the remaining 261 blocks up for auction but will reserve the most promising areas around the Tupi field for itself. The Tupi field lies under 2,140 meters (7,060 feet) of water, more than 3,000 meters (almost 10,000 feet) of sand and rocks, and then another 2,000-meter (6,600-foot) thick layer of salt. The company drilled test wells that lie under 2,166 meters (7,100 feet) of water, 286 kilometers (177 miles) south of Rio de Janeiro. Getting that oil out of the Earth's crust is a formidable challenge, but most of Brazil's oil lies off its Atlantic coast, and Petrobras has become a global leader in ultradeep offshore oil extraction. Petrobras has a 65 percent operating stake in the field, Britain's BG Group PLC holds 25 percent, and Petroleos de Portugal holds the remaining 10 percent. [Source: AP]

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Subsea 7 Announces PLSV Swap off Brazil

Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil.   The agreement will see the Subsea-7-owned

Navy

Austal Delivers LCS 8 to US Navy

Austal Limited (Austal) (ASX:ASB) delivered the future USS Montgomery (LCS 8) to the U.S. Navy, during a ceremony held aboard the ship at Austal USA’s shipyard in Mobile, Alabama, USA on 23 June.

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

US Navy Accepts Delivery of Future USS Montgomery

The U.S. Navy has accepted delivery of future USS Montgomery (LCS 8) during a ceremony on June 23 at the Austal USA shipyard in Mobile, Ala.   Marking the official

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0716 sec (14 req/sec)