Huge oil reserves discovered in Brazil

Americas News

Nov 9, 2007, 16:26 GMT

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Rio de Janeiro - Brazil has discovered new crude oil reserves off its Atlantic coast that could potentially increase its reserves by 60 per cent, the state oil company Petrobras has confirmed. The reserves could total some 8 billion barrels and are located about 250 kilometres off the coast of the state of Sao Paulo, Petrobras President Jose Sergio Gabrielli said Thursday. The commercial exploitation of the resource could begin in five to six years, he said. The Brazilian government said the find boded well for more discoveries in the region, which could catapult Brazil into the top 10 world oil producers. Brazil had already declared itself energy independent, in large part due to its use of ethanol made from sugar cane to power transport vehicles. But experts warned that developing the site would require new technologies, as the oil field was about 7,000 metres under water and earth. A test drill alone would cost about 1 billion dollars, a spokesman for Petrobras said. © 2007 dpa - Deutsche Presse-Agentur

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CynicNov 10th, 2007 - 18:19:51

Great news!, but just make sure that G.W.Bush dosn't hear the 'Voice of God' ,again ,and dosn't invade Brazil looking for imaginary WMD's???????

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danNov 10th, 2007 - 21:45:17

amen to that.
keep the crazy man out of it.

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alsoNov 10th, 2007 - 21:46:50

you have anything to add sp4?
about your asshole buddy

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Just FYINov 12th, 2007 - 21:46:33

You need to get a life Cynic.

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danNov 13th, 2007 - 13:21:18

this is all b.s
there is no oil found

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to fyiNov 13th, 2007 - 13:22:32

you need to mind your own buisness.

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