Commercial

Brazil Reports Major New Offshore Oil Field

By Jim McKenna | November 9, 2007

Offshore

In a development that could bode well for offshore-support helicopter operators, Brazil’s state-owned oil company is reporting a major "ultra-deep" oilfield discovery east of Rio de Janiero. The company, Petrobras, said initial indications are the Tupi field 150 nm offshore could hold up to 8 billion barrels of oil and could produce more than 100,000 barrels a day. Brazil’s entire oil reserve last year was reported at about 12 billion barrels. The Tupi field is under nearly 20,000 ft of ocean and rock; it would take several years to begin production from it. For related news

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