Re: Huge new oil discovery in Brazil

From: Pim van Meurs <>
Date: Wed Dec 28 2005 - 22:18:07 EST

What does this have to do with the purpose of this list, Janice?
Your cut and paste approach deserves an adequate response, from the moderator I argue.


----- Original Message ----
From: Janice Matchett <>
Sent: Wednesday, December 28, 2005 7:11:30 PM
Subject: Huge new oil discovery in Brazil

  Heavy oil. ~ Janice

     BBC ^ | 28 December 2005 | BBC
   Posted on 12/28/2005 9:38:29 PM EST by

 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.

 Last month, Brazil's President Luiz Inacio Lula da Silva inaugurated the country's largest oil platform, named P-50, which is due to begin production in the basin's Albacoara Leste field early next year.

 According to industry analysts, 75% of Brazil's oil reserves are under at least 400m of water.

 As a result, Petrobras has built up expertise in deep-water drilling and operates the largest number of floating platforms in the world.

 Chevron's local subsidiary will hold a 37.5% stake in the Papa-Terra field.
 Story from BBC NEWS:
  Published: 2005/12/28 12:12:21 GMT

Received on Wed Dec 28 22:20:05 2005

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