Brazil has a “North Sea of oil” along its Atlantic coast, says Petrobras

[Judi Lynn]

Source: Mercopress

Thursday, July 14th 2011 - 22:09 UTC
Brazil has a “North Sea of oil” along its Atlantic coast, says Petrobras

The UK and Norway held about 62 billion barrels of reserves in the North Sea before the deposits were developed, Francisco Nepomuceno Filho, Petrobras’s London head of exploration and production said.

“Brazil as a whole could have a potential of the same size of the North Sea, including Norway and the UK,” Nepomuceno Filho said. “Those two countries grew a lot and had huge development.”

Brazilian reserves that sit miles below the floor of the Atlantic Ocean trapped under layers of rock and salt hold an estimated 50 billion barrels of oil, according to the country’s oil regulator.

Lula, the largest discovery in the Americas in over three decades, had the country’s most productive well in May, yielding 36,322 barrels a day of oil and natural gas.

Read more: http://en.mercopress.com/2011/07/14/brazil-has-a-north-sea-of-oil-along-its-atlantic-coast-says-petrobras

[rabs]

1. Yep, that would be the Pre-Salt

That we have discussed in the Latin American Forum.

When Obama went to Brazil earlier this year, he told Dilma that U.S.-based oil companies were willing to help Brazil develop Pre-Salt.

Dilma told him to fluff off.

[Strelnikov_]

2. Pump-n-dump n/t

[bhikkhu]

3. Old news, and not likely to help anything anytime soon

this is part of what they said a couple years ago:

"...But developing Tupi, and the other huge fields of the Santos Basin, won’t be easy. Tupi is in ultradeep water, below a 2,000 meter-thick layer of salt. Only the most advanced–and expensive–drilling rigs can penetrate it. Brazil’s Energy Minister said in March the country would need $270 billion over 10 years to develop its deepwater reserves. Many believe that understates the true cost."

http://blogs.wsj.com/environmentalcapital/2009/05/01/tupi-brazil-opens-the-taps-at-giant-offshore-oil-field/

[dipsydoodle]

4. K & R

.

[eridani]

5. Likely very similar to Venezuelan crude?

Lots of it, but really hard to process.

[Javaman]

8. Sour crude...

deep heavy sulfur rich crude.

like you said, hard to process. Also doesn't yield as much per barrel due to the high sulfur content.

[Nihil]

6. And that will apply literally if Exxon/Chevron/BP get a chance to drill for it ... (n/t)

:shrug:

[robcon]

7. Need a technological breakthough to get the oil, from what I've heard.

Let's hope they come up with a way to pump it out.