Offshore discovery could make Brazil major oil exporter |
| USA Today - Nov 9, 2007 |
A monster offshore oil discovery could help Brazil join the ranks of the world's major exporters, but full-scale extraction is unlikely until 2013 and will be very expensive.
The "ultra-deep" Tupi field off the coast of Rio de Janeiro could hold as much as 8 billion barrels of recoverable light crude, and initial production should exceed 100,000 barrels daily, says Guilherme Estrella, exploration and production director of Brazilian state oil company Petroleo Brasileiro (PBR).
Petrobras, as it is known, will start pilot pumping in 2010 or 2011 but full production would take several more years, Estrella said late Thursday.
After soaring 26% in New York Thursday on news of the find, Petrobras stock opened more than 7% higher Friday on Sao Paulo's Bovespa exchange.
Read Full Article from USA Today
- Posted: 2007-11-09 10:32:54
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