Offshore operators are assessing the impact of an oil-field discovery that has the potential to make Brazil one of the world’s largest oil-producing nations.
Brazil’s state-owned oil company, Petrobras, on Nov. 8 said well tests indicated its "ultra-deep" Tupi field east of Rio de Janeiro could hold up to 8 billion barrels of oil and might produce more than 100,000 barrels a day. Brazil in 2006 reported total oil reserves of about 12 billion barrels. If early estimates prove accurate, the Tupi field would roughly equal Norway’s oil reserves of 8.5 billion barrels.
Brazil today is considered an intermediate-level oil producer.
The field is 150 nm offshore and under nearly 20,000 ft of ocean and rock. It is estimated it would take several years to begin production from it.
Petrobras is partners in the field with the U.K.’s BG Group and Galp Energia of Portugal.