Petrobras’s Tupi Viable at Third of Current Oil Price

(Bloomberg) — Petroleo Brasileiro SA’s Tupi field is commercially viable at an oil price as low as $40 to $50 a barrel, according to the Brazilian state-controlled company’s chief executive officer.

The field is viable “in the range of one-third of the current price,” Petrobras CEO Jose Sergio Gabrielli told reporters today at the World Petroleum Congress in Madrid. “The field is viable at a very reasonable price.”


Oil was trading at $144.96 at 10:23 a.m. today in London.

Discoveries near Rio de Janeiro and Sao Paulo including Tupi will at least triple Brazil’s oil reserves, Brazilian President Luiz Inacio Lula da Silva said in a June interview.

Bloomberg