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Brazil uncovers 'major oil find'
"Unofficial" data suggests discovery could hold the world's third largest reserves.
Last Modified: 17 Apr 2008 17:39 GMT
If the reserves are confirmed, Brazil could jump
into the top 10 oil countries by reserves [EPA]

Brazil has discovered what may be the third largest oil reserve in the world, off the coast of Rio de Janeiro.
 
The find by state-run oil company Petrobras, in partnership with BG Group and Repsol-YPF, could be the biggest discovery in 30 years, according to the head of Brazil's National Petroleum Agency announced on Monday.
The field could yield 33 billion barrels in reserves, five times the recent Tupi discovery.
 
Geologists had long suggested that Tupi could have an even bigger neighbour containing oil or natural gas.
The find, known as Carioca, "would further boost Brazil's prospects as an important world oil province and the source of new crude in the Americas" Haroldo Lima, head of the government's oil and fuel market regulator, said.
 
But a spokesperson for the National Petroleum Agency stressed that the data was "unofficial" and based on unconfirmed sources.
 
Significant implications
 
Petrobras said "more conclusive data" about the potential of the discovery would only be known after further evaluation.
 
"But if this is confirmed, it's really huge," said Sophie Aldebert, associate director with Cambridge Energy Association in Brazil.
 
Felipe Cunha, an analyst with Brascan bank in Rio de Janeiro, said further tests would be required to assess the scale of the find.
 
"It's a very relevant number, [it] basically triples the reserves. But it still seems a little premature to have a precise number while they are drilling a second well," he said.
 
According to the US Energy Department, Brazil's existing proven oil reserves total 11.8 billion barrels, while the US holds 21.8 billion. 
 
If the reserves are confirmed, Brazil could jump into the top 10 oil countries by reserves, surpassing nations like Nigeria.
 
Even if the reserves are proven, it is likely to take ten years before the latest discovery can be turned into significant supplies.
Source:
Agencies
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