Brazil’s Offshore Oil Reserves Larger Than Expected

Brazil's oil giant Petrobras announced that its recent offshore oil discovery in Brazil contains between 5-8 billion barrels of recoverable oil. Petrobras made the statement after attending the World Energy Congress. Last week, Petrobras said the Tupi Field, some 280 km off the coast of Rio de Janeiro, may hold the equivalent of billions of barrels of oil, which is trapped below a thick layer of salt. The Petrobras president reportedly said production on the Tupi Field could begin in 2010 or 2011 as the company aims to increase overall production to 4.5 million barrels a day of oil and gas equivalent by 2015. [Source: http://news.xinhuanet.com]