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 ...
Strategerist is right about this. Corsi is definitely from the fringe.
Maybe, but we are in peak oil now. This is what peak oil is like. Not likely we will be suddenly running out while oil is being lifted at the highest rate ever. Not as cheap as it used to be, that's the real peak oil idea.
The earth's crust is of finite size.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.