Petroleo Brasileiro SA has found signs of large oil deposits near its Tupi field...
Petroleo Brasileiro SA has found signs of large oil deposits near its Tupi field, the largest Western Hemisphere oil discovery since 1976, the state- controlled company's chief executive officer said.
Discoveries near Rio de Janeiro and Sao Paulo including Tupi will at least triple Brazil's oil reserves, Brazilian President Luiz Inacio Lula da Silva told Bloomberg in June. Petrobras has about 13 billion barrels of proved reserves.
Petrobras found more oil accumulations in the basin, including Tupi-sized accumulations of natural gas and oil in its Jupiter field, and hasn't been able to quantify the total amount of reserves, Gabrielli said.
The company hasn't yet determined if the finds are separate fields or one larges discovery, he said. Under Brazilian law, if the field extends beyond the lease boundaries of a single company or exploration group, the participants must agree to develop the deposits jointly.
Tupi has as much as 8 billion barrels of recoverable oil equivalent, Petrobras said in November. The entire pre-salt region may contain as much as 50 billion barrels of oil, according to Peter Wells, director of U.K. research firm Neftex Petroleum Consultants Ltd.
