Could investment in Rio rise on 'huge oil find'?
Date added: 14th September, 2010 at 09:13
(view all articles from September, 2010)
Categories: Rio
Investment in Rio may be set to increase, as a government official recently announced an offshore oil field could be one of the largest discoveries in the world.
Marco Antonio Almeida, secretary of oil and gas for the mines and energy ministry in Brazil, said the Libra prospect was estimated to have the capacity to produce eight billion barrels of the resource.
"We expect it to be the world's largest discovery in the past 20 years," he stated, saying it could beat another of the country's extensive oil fields - Tupi - in terms of size, Dow Jones Newswires reported.
The find was made in the Santos Basin, off the coast of the Rio de Janeiro and Santa Catarina states and was initially predicted by director-general of regulator ANP Haroldo Limo to hold 5.5 billion barrels, according to Reuters.
Gaffney Cline & Associates calculated the new estimate, which the politician said would be confirmed within 30 days.
State-run oil company Petrobras recently discovered new accumulations in Campos Basin, which stretches from Rio de Janeiro state to Florianopolis.
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