Re: Huge new oil discovery in Brazil

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.

Pim

----- Original Message ----
From: Janice Matchett <janmatch@earthlink.net>
To: asa@calvin.edu
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

 © BBC MMV
 
 
Received on Wed Dec 28 22:20:05 2005