Re: Huge new oil discovery in Brazil

From: <glennmorton@entouch.net>
Date: Thu Dec 29 2005 - 07:58:21 EST

Nice field. Less than a 2 week supply of oil for the world and it moves peak oil back by less than 1 week (assuming peak oil is after 2011. )  It is about the amount of oil I have found in my career so it is a large field and few of this size are found.

A 70 billion barrel field would be better and would stave off peak oil for a year and a third--that is the most likely size of Ghawar, the largest field in the world. We need a replacement for it. 

On Wed Dec 28 22:11 , Janice Matchett sent:

Heavy oil.  ~  Janice

Huge new oil discovery in Brazil
BBC ^ | 28 December 2005 | BBC
http://news.bbc.co.uk/2/hi/business/4563896.stm
Posted on 12/28/2005 9:38:29 PM EST by george76
http://www.freerepublic.com/focus/f-news/1548456/posts
 

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:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/4563896.stm

Published: 2005/12/28 12:12:21 GMT

© BBC MMV

Received on Thu Dec 29 08:06:32 2005