Petrobras Finds Signs of Large Oil Deposits Near Tupi

(Bloomberg) — Petroleo Brasileiro SA has found signs of large oil deposits near its Tupi field, the largest Western Hemisphere oil discovery since 1976, the state- controlled company’s chief executive officer said.

“Today we have information about the areas and the indication of the existence of hydrocarbons,” Jose Sergio Gabrielli, Rio de Janeiro-based Petrobras’ chief said in a Bloomberg TV interview at the World Petroleum Congress in Madrid. “We’re certain of a huge increase in reserves.”


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 told Bloomberg in June. Petrobras has about 13 billion barrels of proved reserves.

Petrobras found more oil accumulations in the basin, including Tupi-sized accumulations of natural gas and oil in its Jupiter field, and hasn’t been able to quantify the total amount of reserves, Gabrielli said.

Bloomberg