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.

Petrobras Breaks Monthly Oil Export Record in December

Brazil's Petrobras broke its own monthly oil export record in December, as the government-run company announced it exported 620,000 barrels of oil daily, easily surpassing the past record of 574,000 barrels exported daily set in October 2008.

For the month of December, Petrobras exported a total of 19.234 million barrels, with the U.S. accounting for 63 percent of those exports.

Other regions of export significance for Petrobras were Europe, which accounted for 21.4 percent of oil exports, South America, accounting for 5.4 percent of exports, and Asian and Caribbean countries, which combined for 5.0 percent of exports.

Monthly revenue for the month of December came in at $574 million.

More Oil Found at Campos Basin Off Brazil's Coast

The potentially huge depository of oil at the Campos Basin off of Brazil's Coast has yielded more oil, as partners in the venture, EnCana Corp., SK Energy Co., Anadarko Petroleum Corp. and Devon Energy Corp. discovered more at the huge site.

The new oil was found at a well called the 1APL1ESS in the C-M-101 block in water 1,418 meters (4,652 feet) deep.

With oil prices down, it's not known if the available oil can be produced at a profit at this time.