Petrobras announces discovery of new oil field

July 16th, 2008 - 1:05 pm ICT by IANS  

Rio de Janeiro, July 16 (IANS) Brazil’s state-owned energy major Petrobras has announced discovery of a new oilfield in the Atlantic with an estimated reserve of 150 million barrels, EFE news agency reported Wednesday. “The oilfield is located 60 km from the southeastern port city of Vitoria in the Atlantic and initial estimates indicate 150 million barrel of recoverable oil,” the company said in a statement.

It said the new oilfield would go into production soon.

Petrobras, a global leader in deep water oil exploration, produces nearly 1.8 million barrels per day (bpd) of oil, and its proven reserves, which total about 14 billion barrels of crude, have been growing each year.

In late 2007, Petrobras said it found what could be the world’s largest oil field, called Tupi, in the Santos basin in south Atlantic.

Tupi could contain between five billion and eight billion barrels of crude, which is enough to increase Brazil’s current total proven petroleum reserves by up to 50 percent.

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