Brazil Makes World’s Biggest Oil Discovery in 30 Years
Brazil's Petrobras has discovered the largest light crude Oil Field since the Mexican Cantarell Field in 1976. The massive find is in the same area off the coast of Brazil as the restly discovered Tupi field which is beleived to hold 8 billion barrels of extractable crude. The new Sugar Loaf Field discovery is 5 times larger than Tupi and could signal an end to declining oil production around the World.
According to officials at Petrobras, Brazil's state-run oil and gas company, the Sugar Loaf field may produce up to 40 billion barrels of oil. Several multinational petroleum companies are already lining up to explore the region, including Petrobras, Royal Dutch Shell and ExxonMobil.
The basin is believed to contain light crude, an added bonus for Brazil considering it still depends on other countries to refine oil for its domestic needs.
"To discovery oil is one thing, but to discover light crude is a real commodity," said one analyst.
Monday, December 17, 2007
Now, if the U.S. could only get at utilizing the oil available to us right here!