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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Royal IHC introduces IHC Workhorse

Royal IHC has announced an extension to its innovative range of vessels with the introduction of the IHC Workhorse. This new design for a hybrid anchor handling

‘Row around Singapore Island’ Takes off today

The epic endurance challenge that will see 32 volunteers rowing 140km non-stop around Singapore is starting in less than 24 hours. The project has raised a staggering $450,

New CEO for Deep Sea Supply

Deep Sea Supply, a Cyprus headquartered owner of offshore support vessels, has appointed Jon Are Gummedal as new CEO of the company,  says a statement from the company.

Navy

U.S. Navy Warship Steams Toward Yemen

The United States Navy is prepared to intercept Iranian ships in Yemeni waters using the USS Theodore Roosevelt and other ships, reports the AP.   According to this report,

Delivery Begins for HMS Prince of Wales Bridge

The bridge section of the U.K.’s second Queen Elizabeth Class aircraft carrier has been loaded out of its dock hall in Glasgow ahead of its first sea voyage to Rosyth.

Hull Inspection Systems Delivered to the US Navy

Bluefin Robotics has delivered new vehicles to the U.S. Navy that aim to increase the Navy's capability to remotely search and investigate ship hulls, harbor sea

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1165 sec (9 req/sec)