Tuesday, April 15, 2008

Petrobras Claims Yet Another Huge Oil Find - the Largest in 30 Years

The Brazilian company Petrobas has claimed another huge oil field find under the ocean, this time it could be up to 33 billion of barrels of oil in the field, about 5times the size of Tupi. They also discovered a huge gas field recently, which also contained oil; and they named Juniper.

This discovery, if it holds to near the size estimated, will be the largest oil discovery in the world in 30 years.

"It could be the world's biggest discovery in the past 30 years, and the world's third-biggest currently active field," Haroldo Lima, head of the government's oil and fuel market regulator, told reporters.

The new find is in the Santos basin area called Carioca, west of the Tupi field. Other companies with a stake in the field are BG, with a 30 percent, and Repsol, with a 25 percent stake.

A number of geologists have theorized that the Tupi field probably would entertain a neighboring, larger field, containing both natural gas and oil. Obviously they were right.

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