The state-controlled oil company of Brazil, Petroleo Brasileiro SA or Petrobras, claims to have made another huge energy discovery, this time a natural gas field that may be similar in size to the Tupi oil field, discovered late last year. They, along with the Lisbon, Portugal-based Galp Energia SGPS SA, made the discovery. Galp Energia owns a 20 percent stake in what is being called Juniper, while Petrobas owns 80 percent. Galp also owns a stake in Tupi.
New methodology allows companies to see through the salt deposits, whereas in the past they couldn't, the reason news of these types of discoveries should be constant in the years ahead.
The find is located about 180 miles (290 kilometers) off the coast of Rio de Janeiro, and is only 37 kilometers away from the Tupi field.
Similar to the Tupi field, this is far below the surface, down over 3.1 miles beneath ocean and seabed. There is also oil in the field as well.
"The thickness of the oil bearing rock is more than 120 meters,'' the statement said. "The area of this structure could have dimensions similar to Tupi."
The discovery is in the Santos Basin in the BM-S-24 exploration block.
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» Brazilian Exploration Company "Petrobras" Claims Another Huge Oil Find - the Largest in 30 Years from ManagersRealm
According to Brazil's Haroldo Lima, head of the government's oil and fuel market regulator, the new find of oil in the prolific Santos basin has the potential to yield 33 billion barrels of oil. If that projection holds, it'll be... [Read More]
Tracked on: April 15, 2008 8:34 AM | Permalink to Trackback