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Petrobras Discovers Major Oil Field in Brazil

Posted on: Monday, 12 November 2007, 15:00 CST

Brazil-based oil and gas giant Petrobras has announced that it has discovered a new oil frontier. According to the firm, the volume that was discovered in the Tupi accumulation alone, which represents just a small part of the frontier, may boost Brazil's current 14 billion barrel oil and gas reserves by more than 50%.

Petrobras analyzed and tested the Tupi area for oil and found that the field has recoverable reserves of an estimated five to eight billion barrels of oil and natural gas. Petrobras is the area's operator and holds 65% of the working interest, while British outfit BG holds 25% and Portuguese company Petrogal - Galp Energia holds 10%.

With $1 billion in investments made over the past couple of years, 15 wells were drilled and reached the pre-salt layers, eight of which were tested and evaluated. These wells produce high commercial value light oil and a large amount of associated natural gas.

Petrobras said that since its creation it has discovered 25 billion barrels of oil and natural gas in Brazil, of which 11 billion have already been lifted.

Source: Datamonitor

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