No Cart Before This Horse: Petrobras Estimate Of Carioca By July

By midsummer, the premature statements made by Brazil National Petroleum Agency's Harold Lima April 14 should be a faux pas Petrobras can look back on with a smile.

Petrobras Chief Executive Sergio Gabrielli said that by July the company should have accurate information about the size of the oil and gas available at Carioca.

"We first will complete the drilling and then make an analysis," Gabrielli told reporters. "I believe that in two to three months, we should have some results."

Oil in the now infamous BM-S-9 block, located in the Santos Basin, was first discovered by Petrobras in September 2007. A second well in the Carioca area is being drilled to assess further the oil and gas potential.

Meanwhile, many in the industry hope that Lima's report of 33 billion barrels of oil is not just a pipe dream.

"It's like guessing the sex of a child in an ultrasound. You can guess the sex, but you won't know what size its nose will (be)," Gabrielli said.

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