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Brazil Oil Reserves to at Least Triple


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June 26 (Bloomberg) -- Brazil's President Luiz Inacio Lula da Silva said the country will at least triple its oil reserves from exploration of a new offshore area that includes the Western Hemisphere's largest discovery since 1976.

 

``This is very promising for Brazil,'' Lula, 62, said in a Bloomberg Television interview today at the presidential palace in Brasilia. ``We have to take advantage of this oil to develop the country.''

 

A tripling of proved reserves from 12.6 billion barrels would move Brazil into the world's top 10 nations in oil supplies, according to estimates from London-based BP Plc. Brazil, Latin America's largest economy, would overtake Nigeria, currently the No. 10 nation with 36.2 billion barrels and put it close to Kazakhstan, which has 39.8 billion barrels.

 

http://www.bloomberg.com/apps/news?pid=206...&refer=home

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  • 2 months later...

Sept. 10 (Xinhua) -- Brazil's state-owned oil and gas giant Petrobras Wednesday confirmed the discovery of a huge oil and natural gas field in the pre-salt layer off the country's southeastern coast.

 

http://news.xinhuanet.com/english/2008-09/...ent_9915647.htm

 

The Iara oil field can boost Brazil's oil production, and turn the country into one of the largest oil producers in the world, the Petrobras said.

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  • 5 weeks later...

Perhaps after the latest falls in the Brazil stock market, this country should be added to any watch list.

 

A stumble soon for Brazil's stock bulls? That might be a gift

7:38 PM, June 1, 2008

 

The iShares Brazil fund’s annual gains since 2002: 113% in '03, 31% in '04, 50% in '05, 40% in '06 and 72% in '07. Quite the mercado em alta (bull market in Portuguese).

 

Predictably, some analysts are turning gun-shy about Brazil, as this Bloomberg story details. A sharp drop in commodity prices could trigger heavy profit-taking in the country's stocks, including oil giant Petrobras. What's more, rising inflation is becoming worrisome in Brazil (as in much of the world), and may spur the nation's central bank to raise interest rates this week.

 

But long-term investors may well want to treat any pullback in Brazilian stocks as a gift. It's the trend that's important, and I think Brazil is a great example of the ongoing transfer of wealth and power from the developed world to the developing world.

 

http://latimesblogs.latimes.com/money_co/2...ld-joke-ab.html

 

Huge offshore oil finds, a sugarcane ethanol boom, vast reserves of unused arable land, mineral wealth and abundant fresh water contribute to Brazilian buoyancy. But natural resources are only part of the story. As in China and India, an expanding internal market is bolstering growth. So is increasing corporate sophistication and global ambition.

 

At the annual National Forum, a gathering of business leaders, I felt like a first-world pipsqueak as leaders of the national energy company Petrobas (bigger than BP, Shell and Total) and Companhia Vale do Rio Doce, or CVRD (the world's second largest mining company), reeled off head-turning statistics.

 

Petrobras, which has spearheaded Brazil's push to self-sufficiency from heavy dependence on imported oil 30 years ago, will more than double oil production to 4.2 million barrels a day in 2015 from 1.9 million barrels today.

 

"With the latest discoveries, the South Atlantic will become a huge oil producer," predicted José Sergio Gabrielli de Azvedo, its chief executive.

 

http://www.iht.com/articles/2008/06/01/opinion/edcohen.php

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  • 4 months later...
Perhaps after the latest falls in the Brazil stock market, this country should be added to any watch list.

 

Maybe worth watching more than closely, they might be a salvation in some ways and keep prices low within OPEC?

 

Petrobras, Brazil's state-owned oil company has decided to invest in oil fields recently discovered under several kilometers of sea water. To obtain the oil it must drill into a hard-to-penetrate layer of salt. So far, no estimate of the size of the find has been made, however some say that the reserve may contain as much as 100 billion barrels. At present, Brazil has proven reserves of 14.4 billion barrels.

 

Petrobras plans to invest $174.4 billion dollars over the next four years, including $28 billion on the new fields.

 

Last week Exxon Mobil (NYSE: XOM) and Hess (NYSE: HES) announced the discovery of oil in a pre-salt field. Exxon Mobil and Hess each own 40% of the partnership and Petrobras owns 20%. Petrobras also owns two nearby fields at Tupi with estimates of 5 billion barrels and 8 billion barrels respectively.

 

Brazil is moving forward aggressively with plans to increase oil and natural gas production. This year it has set a target of $28.6 billion dollars.

 

With all of the turmoil over OPEC and Middle East oil, this discovery could ease world oil supply-demand pressures.

 

What are your thoughts on these developments?

 

http://www.bloggingstocks.com/2009/01/27/b...-new-oil-finds/

 

 

 

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Its going to be an expensive project

 

Petrobras, Brazil's state-owned oil company has decided to invest in oil fields recently discovered under several kilometers of sea water. To obtain the oil it must drill into a hard-to-penetrate layer of salt. So far, no estimate of the size of the find has been made, however some say that the reserve may contain as much as 100 billion barrels. At present, Brazil has proven reserves of 14.4 billion barrels.

 

Apparently also BG is partnered with Petrobras and has a sizeable stake

 

Just wonder how quickly this is going to get off the planning stage with oil at its current level. Bazil with its Ethanol-powered cars may view the underwater oil as an export revenue source rather than a domestic necessity.

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  • 4 weeks later...
Its going to be an expensive project

 

 

 

Apparently also BG is partnered with Petrobras and has a sizeable stake

 

Just wonder how quickly this is going to get off the planning stage with oil at its current level. Bazil with its Ethanol-powered cars may view the underwater oil as an export revenue source rather than a domestic necessity.

 

The more i read about Petrobas, the more i see them as true experts of deep sea extraction. Beginning to think they stand out as a oil play for the future.

 

Read somewhere they are likely to spend $174 billion by 2013 and add to that i found someone quite savvy had been making a sizeable investment.

 

http://www.bloomberg.com/apps/news?pid=206...&refer=home

 

Thats a 70%ish increase in stake. In fact since last April he's upped his stake from 11.4million to 36.8million in that article.

 

Think about that longer term ;)

 

 

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  • 1 year later...

RIO DE JANEIRO, Jan 14 (Reuters) - Brazil's state-controlled oil company Petrobras (PETR4.SA: Quote)(PBR.N: Quote) said on Friday its existing reserves rose 7.5 percent last year because of new, massive offshore finds.

The Rio de Janeiro-based company said in a securities filing that reserves of oil and gas rose to 15.99 billion barrels from 14.87 billion barrels in 2009, based on the criteria of the Society of Petroleum Engineers.,,,,,

 

Brazil's discovery of major offshore oil reserves in the subsalt--an area under a thick layer of salt beneath the ocean floor--could help the nation become one of the four largest producers of the commodity this decade.

 

http://af.reuters.com/article/energyOilNew...428667420110114

 

AND for good measure a reward for that rare breed, a popular president.

 

To the list of accolades for Brazil's wildly popular outgoing President Luiz Inacio da Silva, add the following: one of the country's biggest new offshore oil fields will bear his name.State-run oil company Petrobras said Wednesday its Tupi field, one of the crown jewels in Brazil's so-called subsalt oil fields, would now be known as "Lula."

 

http://www.reuters.com/article/idUSTRE6BT06C20101230

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