Wednesday, September 9, 2009

Brazil Finds Another Huge Oil Field

Brazil continues to increase its reputation as a major player in the oil business, discovering another major oil field, with estimates of up to two billion barrels of oil able to be recovered from it.

This oil discovery is called Guara, and is the result of the new techniques being used which can find oil under the salty sea bottom, which were undiscoverable before.

Estimates in the overall region is what is being called pre-salt reserves, cover a huge range, from a low of 60 billion barrels of oil to 150 billion barrels of oil.

There is no doubt that once the economic crisis begins to wane down, which could still be several years away, Brazil is poised to be come the major oil producer in the region, and as a result change the political and social structure of the region, as they become the largest Latin American provider of energy, overtaking the socialist foolishness of Hugo Chávez and his continuing destruction of Venezuela.

So far it is the largest area of oil discovered this century, and more than likely won't be the last, as the ocean floors are scoured for new oil fields that couldn't be seen in the recent past.

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