Please enable Javascript to view this content.
Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Job Alert
Event Alert
Our privacy
pledge.


advertisement
Pre-Salt to Make Brazil's Reserves World's 9th Biggest
Printer Friendly Version

Fields and Basins of Brazil
(Click to Enlarge)

MADRID (Dow Jones Newswires), November 24, 2008

About $400 billion will be needed to develop Brazil's promising pre-salt oil area over a 10-year period, according to a preliminary estimate, Haroldo Lima, the president of Brazil's National Petroleum Agency, or ANP, said Monday.

The estimate is based on calculations by the ANP, Brazil's state-run oil firm Petroleo Brasileiro SA, or Petrobras, and Brazil's government, Lima said. He spoke to Dow Jones Newswires ahead of the Brazil-Spain Investment Forum in Madrid.

Oil found in the area lies usually at water depths of 2,000 meters or more, and then several thousand meters further under layers of salt, rocks and sand, which makes production expensive and challenging.

According to preliminary estimates, the pre-salt could contain between 50 billion and 70 billion barrels of oil, Lima said.

Due to recent discoveries, Brazil's proven oil reserves likely jumped to about 14 billion barrels in 2008 from 12.6 billion barrels in 2007, Lima also said, adding that the 2008 figure still isn't consolidated. The ANP usually gives its annual reserve estimates in January.

Spanish oil company Repsol-YPF, Portugal's Galp Energia SPGS SA, BG Group, ExxonMobil Corp., and Royal Dutch Shell PLC., have significant stakes in Brazil's pre-salt area.

Copyright (c) 2008 Dow Jones & Company, Inc.

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Jacobs Joins ExxonMobil's Hawkins Project in Texas (Feb 9)
 - ExxonMobil Gets Go-Ahead to Conduct MUO in North Sea (Feb 9)
 - Ghana Stops Kosmos' $4B Oil Field Sale to ExxonMobil (Feb 9)
 Company: Petrobrasmore info


 - Jurong Shipyard Sets Up Shop in Brazil (Feb 5)
 - FMC to Deliver 107 Subsea Trees for Use Offshore Brazil (Feb 4)
 - Petrobras Inaugurates 'Biggest Pipeline' in South America (Feb 3)
 Company: Shellmore info


 - Shell Installs MSi's Subsea System at Perdido in GOM (Feb 9)
 - Songa Venus to Spin Bit for Shell in AU's Browse Basin (Feb 8)
 - Shell Denies Plans to Sell Major Nigerian Assets (Feb 5)
 Company: BG Groupmore info


 - BJ Services Secures Work at Offshore Indian Fields (Feb 9)
 - BG Group's Production Volumes Up 4%, Reserves Up 10% (Feb 5)
 - LOI Signed for Pre-Salt Guara FPSO (Jan 28)
 Company: Repsol YPFmore info
 - Aker Solutions, Repsol Seal Mediterranean Subsea Deal (Feb 4)
 - Hyperdynamics Extends Letter of Intent with Repsol (Feb 1)
 - LOI Signed for Pre-Salt Guara FPSO (Jan 28)
 Company: ANPmore info
 - Devon's Brazil Success Likely to Drive Up Assets' Price (Jan 29)
 - ANP OKs Petrobras Drilling in Government-Held Subsalt (Dec 2)
 - Petrobras Says ANP Now Drilling for Oil Rights Swap (Dec 1)
 Company: Galp Energiamore info
 - Petrobras: No Negotiation in Progress for Stake in Galp (Jan 15)
 - Petrobras in Talks to Buy Stake in Galp Energia (Jan 14)
 - Petrobras Awards FEED Contract for Floating LNG Unit (Dec 21)
Visit DownstreamToday.com for More News:
Complete coverage of the pipeline, transportation, storage, LNG, refining and petrochemical industries. Just visit www.DownstreamToday.com.
Please enable Javascript to view this content.

Most Popular Articles