British firm announces new Brazilian oil discovery
Date added: 13th November, 2009 at 09:13
(view all articles from November, 2009)
Categories: Natural Resources
A British energy company's investment in Brazil's Tupi oil field has been rewarded with a new discovery of natural resources.
BG announced today (November 13th 2009) that the field, which is located around one hour's flight away from Rio de Janeiro, contains previously unnoticed hydrocarbons.
The discovery came in the area of the offshore reserve known as Tupi North-East and is located 2,115 km under the sea.
After carrying out preliminary drilling with its partners Galp and Petrobras, which controls 65 per cent of the field, BG said the operation had been successful.
The company said the new discovery offers further evidence to support "the partners' estimates that the Tupi accumulation holds five to eight billion barrels [of] oil equivalent of recoverable reserves".
Petrobras, which is owned by the Brazilian state, has previously announced it is to spend more than $30 billion (£18 billion) on developing the offshore field.
In August, the New York Times reported that around three-quarters (72 per cent) of the reserve had yet to be explored.
Related Articles
Brazilian oil field is 'very attractive for foreign investment'
Date added: 12th November, 2009 at 08:53
(view all articles from November, 2009)
Petrobras to drill off the coast of Bahia
Date added: 4th November, 2009 at 09:11
(view all articles from November, 2009)
Mining firm announces $4 billion investment in Ceara
Date added: 20th October, 2009 at 09:52
(view all articles from October, 2009)