[frankthetank]

The T-Rex did some talking lately...
$this->bbcode_second_pass_quote('', 'B')ut Exxon chief executive Rex Tillerson warns that the fields “may or may not be a major play”.
“We must keep in mind that we are in the very early stages of this play. This new resource will be one of the most technically difficult and expensive in the world,” he said at the World Petroleum Congress in Madrid. The fields lie at depths of around 6,000 metres beneath a thick layer of salt and hard rock that make it technically difficult to extract.
“It is probably one of the largest discoveries in recent years but at the same time it will be a very long-term project and we are in the early stages,” Total chief executive Christophe de Margerie added at the industry gathering.
Petrobras is a world leader in deep-water oil production but Tupi is farther down than any of its existing fields.
The company expects to install a 100,000-barrel-per-day floating production storage and offtake facility at Tupi by late 2010 to begin early production and predicts the field will be fully operational by 2015.

[bodigami]

$this->bbcode_second_pass_quote('MonsieurX', 'T')he idea that it's expensive to drill offshore in Brazil is laughable.
Less than $8.20 per barrel to extract and they can sell it for $140. LOL.
link
$this->bbcode_second_pass_quote('', 'N')EW YORK, June 10 (Reuters) - Brazilian oil company Petrobras forecast lifting costs in its Tupi oil field will be lower than its current average $8.20 a barrel by the end of 2010, when the giant subsalt reserve is expected to start producing some 100,000 barrels per day (bpd).

[copious.abundance]

$this->bbcode_second_pass_quote('OilFinder2', 'T')here 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.