Huge new oil discovery in Brazil

BBC ^ | 28 December 2005 | BBC

[george76]

Brazil's state-owned oil company, Petrobras, says it has discovered a huge new offshore oil field off the coast of Rio de Janeiro state.

The Papa-Terra field was found in the Campos Basin, which is already Brazil's most important oil-producing region.

Petrobras estimates it contains at least 700 million barrels of crude - about 10% of Brazil's current reserves.

The field, which is jointly operated with the US company Chevron, should start producing oil by the end of 2011.

Petrobras said the oil from the Papa-Terra field was heavier than the sweet light crude favoured by international markets, but the firm was investing $2bn in adapting its refineries to process heavy oil.

New advances

The new field is expected to help Petrobras achieve its goal of making Brazil self-sufficient in oil. Since 2003, the company has been meeting 91% of the country's needs.

The Campos Basin region already contains 40 other offshore oil fields producing more than 1.1 million barrels a day, amounting to more than 60% of Brazil's production.

[69ConvertibleFirebird]

I heard the pay is $1000 a day down there for us.

Will we be called wetbacks?

[yldstrk]

Yippee!

[Brilliant]

Bad news for Chavez.

[Fierce Allegiance]

Well, I know spanish and some italian, so i guess I could scrape by.

Donde esta el bano?

[Texas_Jarhead]

a "huge" oil deposit in Brazil of 700 million barrels, someone remind me what the estimated crude yield is for ANWR

[ndt]

"Uno mas cervaza, por favor, senorita"

Close. uma mais cerveja por favor, senhora.

I can just barely get by in portugese and I speak spanish pretty well.

[JasonC]

Anwar is 15 times this size, and a few idiot greens are stopping it.

[SierraWasp]

THIS CANNOT BE!!! The world's oil supply has PEAKED!!!

I heard it on Art Bell and from contrarians on FreeRepublic.com!!!

[JasonC]

The mean estimate for recoverable reserves at Anwar from the US geological survey are 10.4 billion barrels. With a "b". In place resource estimates (stuff likely to be there, but not obviously recoverable with current tech) range as high as 30 billion.

[Dog Gone]

I heard the pay is $1000 a day down there for us.

Hells bells, blame it Rio, where are the airline tickets?

[SierraWasp]

"DRILL IN BRAZIL~!"

Holy Toledo! (America's only holy city) That has a real ring to it!!!

[acapesket]

Hope it is bad news for Chavez, but right now he's the one with the dough and the Commie regime... maybe now all of the Brazilians will leave New England.. that would be a great thing.
Think I'll take Portugese for this year

[SierraWasp]

I just KNEW you'd be lurkin!!!

[Dog Gone]

I'm always rootin' tootin' oil thread lurkin'.

I can't help it.

[SierraWasp]

Iszat where we finds da girl from Ipanima?

[Flavius]

plus i think their economy is 40-60 % ethanol based

good on brazil ha

[Dog Gone]

Gawd, I hope so. Let's go find out.

[Eric in the Ozarks]

Brazil has always been on the edge of being a great democratic country, but this goal has always been just out of reach. They have a functioning middle class, good manufacturing and make good beer.

[Ditter]

"El bano es cerro" LOL! I understand more than I speak and most of what I speak is household Spanish. "Ponga este in la vasuda." "Lava me pantalones muy rapido". ;9]

[SierraWasp]

I be right dere wiff ya!!!