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Huge Oil Field Discovered near Brazil Coast

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posted on Jan, 22 2008 @ 07:04 AM
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Huge Oil Field Discovered near Brazil Coast


news.bbc.co.uk

A huge natural gas field has been found a short distance off Rio de Janeiro's coastline, Petrobras, Brazil's state-controlled oil company, says.

The company believes the new field, Jupiter, could match the recently discovered Tupi oil field in size.

Tupi is thought to be one of the largest fields discovered in the past 20 years.

The new field is located just 23 miles from Tupi, some 5,600 yards below the surface of the Atlantic Ocean, around 290km from Rio de Janeiro, Petrobas says.
(visit the link for the full news article)




posted on Jan, 22 2008 @ 07:04 AM
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Brazil has now claimed to have discovered two of the largest oil fields in the last 2 decades. Once full exploitation of these two huge fields is underway, Brazil will become one of the world's largest oil producers. Petrobras, the state-controlled discoverer, is a world leader in deep-sea extraction. Like Venezuela, the other important South American oil producer, its government is socialist/progressive.

Also, the newly announced Jupiter field is believed to hold light crude and natural gas, the former is more highly valued as it is easier to refine, and the gas will allow Brazil to change from being a net importer of natural gas to an exporter.

I believe we will shortly see a fundamental re-orientation of US policy toward South America in light of the huge oil reserves coming to light about that continent. The dance will soon begin in earnest.

news.bbc.co.uk
(visit the link for the full news article)

[edit on 22-1-2008 by gottago]



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