British oil companies look to invest in Brazil
Date added: 13th July, 2010 at 09:25
(view all articles from July, 2010)
Categories: Natural Resources
British oil firms have met with officials from Latin America's largest economy to discuss opportunities to invest in Brazil.
At an event organised by NOF Energy, companies from Teesside met with a group from the Rio do Sul region that included heads of state and Petrobras, according to the Evening Gazette.
Citing experts, the newspaper said that the Tupi oil field, off Brazil's Southern coast, has the capability to produce as much oil and gas as the North Sea, following one of the largest deepwater discoveries in 20 years.
"This is the North Sea all over again," chief executive of NOF Energy George Rafferty told the publication.
"We're amazed at the massive opportunities available in Brazil ... from deepwater drilling technology to fabrication and construction."
A memorandum of understanding was signed last year by the UK's North East Process Industry Cluster with the Pernambuco region of North East Brazil, where 8.5 million residents now live in an economy driven by oil rather than sugar cane, the Evening Gazette reported.
Petrobras - a large state-owned oil firm in Brazil - recently reported that it had been given authorisation, alongside Mitsui and Camargo Correa, to invest in a distribution pipeline in the country to support its ethanol production activities.
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