Brazil announces new oil field

June 14th, 2008 - 1:24 pm ICT by IANS  

Rio de Janeiro, June 14 (IANS) Brazil’s state-owned energy giant Petrobras has said it has made a new off-shore discovery of light crude in the Santos Basin in the southeast, EFE reported. The find, the latest in a series of deep-water discoveries of light oil by Petrobras, is in the smaller of two fields in the block known as Guara, where in September light crude was found in an exploratory well.

The Guara field is located 310 km off the coast of the southeastern state of Sao Paulo.

Brazil, the world’s eighth largest oil exporter, has embarked on a vigorous campaign to boost its energy resources to one million barrels per day.

It became a net oil exporter last year but it also one of the largest oil consuming nations with a demand for 159,000 barrels per day. The huge demand has led the government to turn to ethanol as an alternative fuel.

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