Posted on 11/14/2007 3:17:31 AM PST by ovrtaxt
Brazil has announced the discovery of a huge offshore oil field that could contain between 5 to 8 billion barrels of oil, enough to expand the country's proven reserves by 40 to 50 percent.
The "ultra-deep" Tupi field was found under 7,060 feet of water, another 10,000 feet of sand and rocks and a further 6,600 feet of salt – a total of 4.48 miles below the surface of the Atlantic Ocean.
Sergio Gabrielli, the chief executive officer of the state-run oil firm Petroleo Brasileiro SA told Brazil's President Luiz Inacio Lula da Silva Monday that reserves in the pre-salt area off Brazil's coast are much larger than the Tupi field, possibly containing as much as 80 billion barrels in oil reserves.
By specializing in advanced ultra-deep offshore oil exploration, Brazil has moved from being a country dependent on Ethanol for its gasoline consumption to becoming a net exporter of oil within less than a decade.
Felipe Cunha, an oil analyst with the San Paulo-based brokerage Brascan told CNN, "If the best-case scenario happens, this discovery would make Petrobras' reserves overcome those of Shell and Chevron and put Petrobras behind only Exxon and British Petroleum."
Brazil's offshore oil is being found in the Espirito Santo, Campos and Santos Basins some 50 miles into the Atlantic Ocean east of Rio de Janeiro.
(Excerpt) Read more at worldnetdaily.com ...
Long past time.
It's time to get the Enviro Nazis off people that produce. I talked to someone in the power industry. It costs more per Megawatt to produce with Nuclear Power as a source than Coal.
This is primarily due to regulatory restrictions. This also applies to refining the Oil brought up from the ground.
No way - that’s where the rare cross-eyed woodpecker lives
Am I the only person who goes to Starbucks for the frappucinos?
All modern western abiotic oil theories have their genesis in the Soviet Union.
http://www.questionsquestions.net/docs04/peakoil1.html
The fact is that the chemistry is well describable. Another fact is that no matter how much carbon and hydrogen and oxygen we see on the surface of the Earth, it is miserably less than that in the interior, probably billionths.
My personal opinion is that we will in time find out both sides are correct. After all, it is not unusual at all to see complex hydrocarbons in the atmospheres of our outer planets, and last time I checked, nobody is claiming there are any dinosaurs there.
If Brazil is as smart as America, they will just leave the oil untouched. (sarcasm?)
Probably. Hey, it’s completely your business if you like gay coffee. j/k :p
Shhh! Don't tell the liberals...they will blame Bush for the presence of all that evil carbon.
Hah.
I just like Dunkin’ Donuts’ coffee more than Starbucks’ coffee, if we’re talking about hot, brewed coffee. But Starbucks’ frappucinos are in a league of their own.
Hey, it’s only 8 AM, and I don’t have to go to class until 5 PM... maybe I’ll pick one up later today.
Excellent points.
That's a heck of a lot of pressure to get that deep. There is a similar find in the GOM (Gulf of Mexico) with about 15 billion barrels.
its also one of South America’s most violent countries, Mugbee’Nigeria comes to mind
One find doesn't negate the inevitability of peak oil.
This point is grossly under-appreciated. Hydrocarbons have also been detected in comets which dates the compounds to before the formation of the solar system.
The chemistry is pretty simple. Take something with carbon in it. Take some more stuff with hydrogen in it. Mix it all up and toss in some iron.
Heat it up to a couple thousand degrees and squeeze the bejeepers out of it.
Voila! More hydrocarbons than you can shake a stick at!
There are plenty of oil fields that have been found in the 'right place'; but you aren't allowed to drill there - west coast of Florida; north Alaska, etc.
“its also one of South America’s most violent countries, Mugbee’Nigeria comes to mind.”
OK.
How many will it take?
Oil in the ground has no value whatsoever. Once it is produced then it has value. This is deep oil and will not be cheap oil. It would not impact peak oil by shifting the peak at all.
Oil was up a huge 3% to almost $94 today.
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