December 28, 2005

THERE'S MORE WHERE THAT CAME FROM:

Huge new oil discovery in Brazil (BBC, 12/28/05)

Brazil's state-owned oil company, Petrobras, says it has discovered a huge new offshore oil field off the coast of Rio de Janeiro state.

The Papa-Terra field was found in the Campos Basin, which is already Brazil's most important oil-producing region.

Petrobras estimates it contains at least 700 million barrels of crude - about 10% of Brazil's current reserves. [...]

The new field is expected to help Petrobras achieve its goal of making Brazil self-sufficient in oil. Since 2003, the company has been meeting 91% of the country's needs.

Posted by Orrin Judd at December 28, 2005 5:18 PM
Comments

This might help continue the decline in oil and gas prices.

Posted by: AWW at December 28, 2005 5:48 PM

But. . . but. . . .there might be an oil spill off Rio's pretty beaches that woyuld drive away tourists! We must take to the streets in protest. Who's with me???

Posted by: obc at December 28, 2005 5:53 PM

Screw the beaches. After we pump Iraq dry, we need to invade Brazil.

Posted by: AllenS at December 28, 2005 6:08 PM

Huge find. Perhaps, but how come ANWR's 5 bn to 30 bn barrels in place resources, 600 million to 9 bn barrels recoverable is always deemed "not worth it a caribou's dung heap..."?

Posted by: MGNC at December 28, 2005 6:10 PM

But the Hubbert Peak Cultists say we're out of oil! How can this be?

Posted by: kevin whited at December 28, 2005 6:33 PM

Send in the Greenpeace fleet. Chavez will fund them.

Posted by: Genecis at December 28, 2005 9:24 PM

There is oil under Barbara Streisand's living room. We need to drill there.

Posted by: Robert Schwartz at December 28, 2005 9:29 PM

don't ever mention drilling and BS in the same sentence, it's horrible.

Posted by: james b. at December 28, 2005 9:59 PM

Another mistake by the BBC? Must be, because the Seattle Times was assuring us, just a few days ago, that there was only a "small amount" of oil in ANWR.

Posted by: Jim Miller at December 29, 2005 8:56 AM
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