[Narz]

Someone from another thread wanted me to post a thread about this news to get your reactions.

http://www.bloomberg.com/apps/news?pid= ... fer=energy

$this->bbcode_second_pass_quote('', 'P')etrobras Has Drilled Halfway Through Carioca, Minister Says

By Jeb Blount and Carla Simoes

May 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, has drilled halfway through its offshore Carioca deposit and will need more time to determine its size, Mines and Energy Minister Edison Lobao said.

Carioca is part of Brazil's new pre-salt region, an oil district beneath as much as 2,000 meters (6,500 feet) of water and as much as 4,000 meters of seabed. It's also home to the Tupi field, which holds as much as 8 billion barrels of oil and is the largest Western Hemisphere oil discovery in three decades, Lobao said today in an interview in his office in Brasilia.

Only 15 wells have been drilled in the pre-salt region by Petrobras, as the Rio de Janeiro-based company is known, and by rivals such as Irving, Texas-based Exxon Mobil Corp. and Royal Dutch Shell Plc, Lobao said. Brazil will need more wells and at least a year to get a good picture of the entire pre-salt region, he said.

[idiom]

Plus the DoD would have to drive through, like, six countries to err, liberate all that oil.

[yull]

If the world started using that field at current rates of consumption it would all be gone by October. Drop in the ocean.

[KevO]

$this->bbcode_second_pass_quote('yull', 'I')f the world started using that field at current rates of consumption it would all be gone by October. Drop in the ocean.

[KingM]

$this->bbcode_second_pass_quote('Narz', '
')Seems like Brazil might be a pretty good place to be with their large biofuel industry and recent oil finds. AFAIK though there aren't any Brazilian posters on here are there?

[3aidlillahi]

There is a guy on here, BrazilPO, I think that's his name. But I know he's in Australia now but he could provide insights into Brazil.

[Aaron]

How much is a Brazillion?

[Dan1195]

Possibly up to 8 billion bbls. Of course it doesnt say if thats Oil in Place or expected recoverable oil. I am guessing the former.

[KevO]

$this->bbcode_second_pass_quote('Dan1195', '[')b]Possibly up to 8 billion bbls. Of course it doesnt say if thats Oil in Place or expected recoverable oil. I am guessing the former.

[Sheb]

Nope...move the decimal place over.

At a worldwide consumption rate of 85-MBPD (31-BBPY), then provides enough for less than 0.3 years.

That's *if* all 8-B barrels are recoverable. However, there seems to be a tendency among oil producers to state a reserve quantity much larger than the the recoverable amount.

[Sheb]

Nope...move the decimal place over.

At a worldwide consumption rate of 85-MBPD (31-BBPY), then provides enough for less than 0.3 years.

That's *if* all 8-B barrels are recoverable. However, there seems to be a tendency among oil producers to state a reserve quantity much larger than the the recoverable amount.

[DantesPeak]

$this->bbcode_second_pass_quote('Narz', '
')Sounds like a lot of work to get that out but if it's really 8 billion barrels it could buy... well Brazil, a bit of time.

[frankthetank]

Didn't i read that this deep drilling was MELTING super expensive drillbits? Good luck getting this stuff out. I'll believe it when the first tankers are filled.

[Specop_007]

$this->bbcode_second_pass_quote('Sheb', 'N')ope...move the decimal place over.

At a worldwide consumption rate of 85-MBPD (31-BBPY), then provides enough for less than 0.3 years.

That's *if* all 8-B barrels are recoverable. However, there seems to be a tendency among oil producers to state a reserve quantity much larger than the the recoverable amount.

[DomusAlbion]

$this->bbcode_second_pass_quote('Aaron', 'H')ow much is a Brazillion?

[TheDude]

Our Brazil offshore threads: PetroBras Giant Light Oil Discovery
Another find.. Fresh oil and gas find in Brazil (gets updated occasionally)

BrazillianPO threw in this nifty chart:


That's Sugar Loaf Mountain on the left. As for Tupi:



In other news: Short of rigs , Petrobras delays some subsalt tests | Industries ...

$this->bbcode_second_pass_quote('', ' ')By Denise Luna
RIO DE JANEIRO, May 26 (Reuters) - A shortage of drilling rigs and looming relinquishment deadlines have made Brazil's state oil company Petrobras delay tests on potentially huge subsalt finds like Carioca and move the rigs to other blocks.
Petrobras (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research) chief executive, Jose Sergio Gabrielli, said on Monday production evaluation tests would have to wait and expected no additional information on the Carioca reserve any time soon.
"We ceased doing tests on Carioca to fulfill the compulsory exploration program, so we don't have to relinquish areas," he told reporters. Some geologists say Carioca and three adjacent blocks may have probable reserves of over 30 billion barrels.
If no oil is found in blocks under concessions until a certain deadline, operators have to return parts and then the whole of the area to the government.

[Specop_007]

$this->bbcode_second_pass_quote('DomusAlbion', '')$this->bbcode_second_pass_quote('Aaron', 'H')ow much is a Brazillion?

[DomusAlbion]

$this->bbcode_second_pass_quote('Specop_007', ':')lol: I think you mean brazier!

[copious.abundance]

There is already a long and involved thread on this topic (BTW mods, could you re-name that thread "The Brazilian Oil Discoveries Thread" or something like that?)

The 33 billion barrels is not an official figure, it was a citation from an oil industry magazine. We probably won't get an official figure on the Sugar Loaf/Carioca field until next year.

[MathMurderer]

$this->bbcode_second_pass_quote('MonsieurX', '')$this->bbcode_second_pass_quote('KevO', 't')hat's about 3 years worth, yes?