New find pushes Brazil’s oil reserves to 26 bn barrels

September 12th, 2008 - 12:24 pm ICT by IANS  

Manaus (Brazil), Sep 12 (IANS) Brazil has emerged as a major oil power with proven reserves estimated at 26 billion barrels and expectations that the figure will rise further, EFE news agency reported Friday quoting Energy Minister Edison Lobao. Lobao’s announcement Thursday during a press conference in this Amazon city came as the state-controlled oil behemoth Petrobras confirmed existence of recoverable crude and natural gas up to five billion barrels at a new offshore field deep below the seabed and under a layer of salt.

The Iara find lies close to an exploration block of the Tupi oil field which has up to eight billion recoverable gas and oil reserves.

With these discoveries, Brazil’s reserves will climb “to 26 billion barrels and the exploitation of that Iara field will begin in two years”, Lobao said.

Brazil is world’s eighth large oil producer and exporter.

The new deposit stretches over roughly 300 sq km and is located about 230 km off Rio de Janeiro.

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