Brazil - Brazzil Mag - If Brazil's Petrobras Is in the News It Ought to Have Struck Oil Again
Advertisement
  Wednesday, 02 December 2009 
Main Menu
Home
News
Back Issues
Advertising
Contact Us
Brazil Forum
Magazine
Brazzil Classic
Yellow Pages
Classifieds
Images
BrazzilMag Newsfeed
Custom Search
Amazon Body Care
-------------
Brazil /Organic personal skin care wholesale / Brazil
--------------
Who's Online
We have 150 guests online
Latest News
Statistics
Members: 494
News: 11493
Web Links: 0
User Menu
Your Details
Submit News
Check-In My Items
My Comments
Login Form





Lost Password?
No account yet? Register
Most Read
Related Items
Contribution
Have you got news?

Do you have news, comment or story on Brazil you want to share with Brazzil? Just send it our way to brazzil@brazzil.com.

 
The Latest from Brazzil Magazine
Home
If Brazil's Petrobras Is in the News It Ought to Have Struck Oil Again PDF Print E-mail
Written by Newsroom   
Friday, 08 August 2008

Oil exploration by Petrobras Petrobras, Brazil's government-controlled oil and gas multinational announced on Thursday, July 7, a new discovery of light oil with an API grade of around 30 in the ultra deep Santos Basin off the São Paulo coast.

The new discovery well, called 1-BRSA-618-RJS (1-RJS-656) and informally knows as Iara, is located in the smaller area of the original Tupi block, approximately 230 km (143 miles) off the coast of the city of Rio de Janeiro, and 2,230 meters (7316 feet) from the water line.

The well is still being drilled in search of deeper prospects, said the Petrobras release.

The oil in the Iara field, controlled 65% by Petrobras, 25% by the BG Group and 10% by Portugal's Galp Energia is near the Tupi field, where Petrobras has estimated recoverable reserves at between 5 billion to 8 billion barrels.

The discovery was proved by a light oil sampling collected via a cable test carried out in reservoirs at a depth of 5,600 meters (18,373 feet) and was officially reported to the Brazilian National Petroleum Association (NPA) this week, reported Petrobras.

Experts agree that the sub-salt production may be technically challenging and costly, partly because salt movement requires reinforced piping, which can still be damaged. Production from above the salt level is easier.

Nevertheless analysts are bullish on Brazil's oil potential, expecting the country to become a major world oil producer in the next decade. Brazil already produces enough to meet its net oil needs of about 1.8 million bpd, and exports some crude.

Last week in London Petrobras president, José Sergio Gabrielli de Azevedo and the corporation's European general manager Joaquim Dib Cohen following a meeting with investors, announced the beginning of production in the pre-salt field.

Gabrielli said output from the first pre-salt well in the Jubarte field, in the Campos Basin, is expected to begin in September. Initial production is anticipated to be 10,000 bpd. The well is interconnected to platform P-34, which went online in late 2006, in Espírito Santo, in the Brazilian southeast.

Gabrielli also revealed that long term testing at the Tupi field is scheduled for March 2009 and the pilot project should begin production by 2010 with initial output in the range of 100,000 bpd together with some 3.5 million cubic meters of natural gas pd.

Petrobras also announced that the Agbami Field off Nigeria began production this week. The Brazilian corporation holds a 13% stake of the consortium made up of Norway's StatoilHydro, US Chevron, acting as operator, plus the Nigerian National Petroleum Corporation and Famfa Oil Limited.

The FPSO (Floating Production, Storage and Offloading) type vessel that operates in block OML-127 (Agbami) is the largest ever of its kind and is capable of producing 250,000 barrels of oil per day. The field's average depth is 1400 meters.

Agbami production is expected to peak in the second half of 2009. Petrobras' share will be 33,000 boed of the light oil production, with API gravities ranging from 43 and 45 degrees. This production will represent some 13% of the volume Petrobras produces abroad.

Mercopress

Hits: 3060
Comments (4)Add Comment
Brazil Rocq
written by Frank, August 08, 2008
smilies/grin.gif I love to read your Great news!
I so happy for Brazil , It was time to show the World where we can Go!
report abuse
vote down
vote up
Votes: +0
Dont worry !!!!!
written by ch.c., August 08, 2008
Even if Brazil will produce as much oil as Saudia Arabia, Brazil will never ever be as wealthy as the Saudis, wether you agree or not.

- Saudi Arabia has inland and shallow oil ! Making it much cheaper and easier to pump. Brazil oil is mostly offshore at around
7000-8000 meters depth. for Tupi alone, US$ 240 billion are necessary to fully develop the field...for the Brazilian part only.

- Saudi Arabia has a fraction of the Brazilian population . Meaning the cake is eaten by much fewer people.

Enjoy !!!

Strange.....little is published in Brazil on the world oil price that just went down by Us$ 40.- per barrel !

Is this really bullish for Petrobras ? Hmmmmmm...may be not so.
Proof is that since Petrobras has announced its Tupi field and later its apparently even bigger Carioca field , the company shares prices are down by around a third, and this despite oil price is still higher than when the discoveries were annouced !

Viva Petrobras !


report abuse
vote down
vote up
Votes: +0
speculation
written by Joseph, August 08, 2008
Has anyone noticed how whenever the dollar begins to gain ground there is a "new" find and call for more investments to enter Brazil?

Lula and similar ilk control inflation by a weaker dollar. I predicted this "find" the day before it happened as I saw the dollar gathering strength....my friends think I have some kind of esoteric knowledge but alas, I just have a penchant for watching the obvious manipulations here in Brazil.

Want to see the next find? If the dollar gets near 1.65..look for the next announcement!

report abuse
vote down
vote up
Votes: +0
Joseph
written by João da Silva, August 08, 2008
Has anyone noticed how whenever the dollar begins to gain ground there is a "new" find and call for more investments to enter Brazil?


Yes, Joseph. I have noticed it. It is not only related to dollar gaining ground but also to other "political crises". I have commented before about it. To summarize it : A "new" oil find a month keeps the crisis away. I am just massacring an old proverb "An apple a day keeps the doctor away" smilies/grin.gif
report abuse
vote down
vote up
Votes: +0

Write comment
quote
bold
italicize
underline
strike
url
image
quote
quote
smile
wink
laugh
grin
angry
sad
shocked
cool
tongue
kiss
cry
smaller | bigger

security code
Write the displayed characters


busy




Reddit!Del.icio.us!Facebook!Slashdot!Netscape!Technorati!StumbleUpon!Newsvine!Furl!Yahoo!Ma.gnolia!Add this social bookmarking functionality to your website! title=
 
< Prev   Next >
Brazzil Magazine on Twitter


Visit Brazzil Social with Video, Music and Chat


Home
Brazzil Magazine - Since 1989 trying to understand Brazil
  • Brazil Engaged in Another Olympics: Reshaping Its Image Before Games Open


    Economist's cover on BrazilBrazil received a huge boost in its international image with its selection as the host of the 2016 Olympics, but it was really just the cherry on top of the overall recognition of the country's ascension to the ranks of one of the world's most important countries. Now, as it finally takes its place on the world scene, there has been a great deal of concern about what kind of image Brazil hopes to project, now that the world is really paying attention.

  • Iranian Leader's Visit to Brazil Takes the Gloss off Lula's International Image


    Ahmadinejad meets LulaThe only good thing to say about the visit to Brazil of Iran's president, Mahmoud Ahmadinejad, on Monday November 23, is that it was mercifully short and lasted less than 24 hours. Ahmadinejad had his picture taken being hugged by president Luiz Inácio Lula da Silva who gave him a warm welcome and said Iran had every right to develop nuclear energy for peaceful purposes.

  • Poor Women from Northeast Brazil Learn Joy of Meeting and Helping Each Other


    Joined hands The small, coastal town of Condé is located just a twenty minute's drive from João Pessoa, the capital of Paraíba. The Northeast of Brazil has historically been a place of encounter and mixing between peoples. For millenia groups of indigenous people fished, farmed, migrated and sometimes fought along this large, fertile area.

  • Ahmadinejad's Visit: Iran, Honduras and Brazil's Hypocrisy in Dealing With Them


    Ahmadinejad and Lula The Brazilian diplo-MÁ-cia (bad diplomacy) carries on its accelerated course towards the non-acknowledgment of human rights, although sometimes it takes pleasure in saying that it does precisely the opposite. The visit of Iran's president, Mahmoud Ahmadinejad, is another example of a diplomatic omission that verges on hypocrisy.

  • Lula Is About to Fulfill His Wish of Getting His Good Friend Chavez in Mercosur


    Lula and Chavez On July 4, 2006, representatives of Argentina, Brazil, Paraguay and Uruguay met in Caracas to sign the protocol for the entrance of Venezuela into the Southern Common Market (Mercosur). After two and a half years, the protocol was approved by the legislative bodies of Argentina and Uruguay, and as of now it may be only days away from being ratified by the continent's economic megalith, Brazil.

  • Denying Education is the Other AIDS. And Brazil Is Guilty of Inflicting It


    Children from a Diadema band Some sectors of the fight against AIDS have suggested that Thabo Mbeki, the former president of South Africa, committed genocide through his absence from the fight against the illness in his country throughout his two terms.

  • Child Labor Went Down in Brazil, But 5 Million Underage Workers Are Still Way Too Many


    Child labor in Brazil One hundred and eleven years after Brazil abolished slavery, the number of workers deprived of their freedom is still huge. They raise cattle, produce charcoal, sugar cane or timber. Some of them, most undocumented Bolivians, work in basements of small apparel factories in São Paulo and other metropolis.

  • Some Humility Would Do Lula Good. On Human Rights Brazil Has Long Way to Go


    A prison in Rio de Janeiro, Brazil On November 7, 2009 a few friends and I had an opportunity to take a look inside a Brazilian jail outside the city of Rio de Janeiro. We were able to take some amateur footage of our experience on video (see link below). It's no surprise, of course, that the typical Brazilian jail lacks some of the functionality of those in North America or Europe, but our experience that day was quite shocking.

  • Brazil's Amazon Rainforest Policy Is a One-Way Road to Disaster


    Trasamazonian road in BrazilDepletion of the Amazon Rainforest is not a new concern facing environmentalists, biologists, ecologists, and a growing number of the Amazonian indigenous peoples. For decades they have feared for the fate of the world's most biologically diverse and species-rich hothouse.

  • Geisy, Brazil's Miniskirt Student, Should Try US College Next Year


    Geisy Arruda from BrazilGeisy Arruda made history this week in Brazil, but for all the wrong reasons. What began as a poorly planned fashion statement has become a worldwide tale. Geisy decided to wear a pink mini-dress to her private college in São Paulo state, and after that, all hell broke loose.