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Narz
Light Sweet Crude
Joined: Nov 25, 2006
Posts: 1524
Location: New Jersey
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 Posted: Tue May 27, 2008 2:15 am Post subject: Largest W. Hemisphere oil discovery in 3 decades (bloomberg) |
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Someone from another thread wanted me to post a thread about this news to get your reactions.
http://www.bloomberg.com/apps/news?pid=20601072&sid=a4Rwch0a_Smc&refer=energy
| Quote: | Petrobras Has Drilled Halfway Through Carioca, Minister Says
By Jeb Blount and Carla Simoes
May 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, has drilled halfway through its offshore Carioca deposit and will need more time to determine its size, Mines and Energy Minister Edison Lobao said.
Carioca is part of Brazil's new pre-salt region, an oil district beneath as much as 2,000 meters (6,500 feet) of water and as much as 4,000 meters of seabed. It's also home to the Tupi field, which holds as much as 8 billion barrels of oil and is the largest Western Hemisphere oil discovery in three decades, Lobao said today in an interview in his office in Brasilia.
Only 15 wells have been drilled in the pre-salt region by Petrobras, as the Rio de Janeiro-based company is known, and by rivals such as Irving, Texas-based Exxon Mobil Corp. and Royal Dutch Shell Plc, Lobao said. Brazil will need more wells and at least a year to get a good picture of the entire pre-salt region, he said. |
Sounds like a lot of work to get that out but if it's really 8 billion barrels it could buy... well Brazil, a bit of time.
Seems like Brazil might be a pretty good place to be with their large biofuel industry and recent oil finds. AFAIK though there aren't any Brazilian posters on here are there?
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idiom
Intermediate Crude
Joined: Aug 23, 2004
Posts: 523
Location: New Zealand
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| Posted: Tue May 27, 2008 3:57 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| Plus the DoD would have to drive through, like, six countries to err, liberate all that oil. |
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yull
Heavy Crude
Joined: Jun 03, 2004
Posts: 127
Location: Great Britain
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| Posted: Tue May 27, 2008 4:22 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| If the world started using that field at current rates of consumption it would all be gone by October. Drop in the ocean. |
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KevO
Expert
Joined: May 24, 2005
Posts: 2389
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| Posted: Tue May 27, 2008 4:41 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| yull wrote: | | If the world started using that field at current rates of consumption it would all be gone by October. Drop in the ocean. |
and that's the biggest discovery in 3 decades?
Oh dear Graeme
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KingM
Heavy Crude
Joined: Aug 30, 2005
Posts: 277
Location: Second Vermont Republic
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| Posted: Tue May 27, 2008 6:10 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| Narz wrote: |
Seems like Brazil might be a pretty good place to be with their large biofuel industry and recent oil finds. AFAIK though there aren't any Brazilian posters on here are there? |
Except that it's filled up with Brazilians, but the rich of Sao Paolo have long been accustomed to helicoptering from one end of the city to the other to avoid this annoying little detail. |
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3aidlillahi
Intermediate Crude
Joined: Mar 25, 2008
Posts: 804
Location: Alif Lam Mim
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| Posted: Tue May 27, 2008 6:13 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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There is a guy on here, BrazilPO, I think that's his name. But I know he's in Australia now but he could provide insights into Brazil.
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Aaron
800 lb Gorilla
Joined: Apr 15, 2004
Posts: 6473
Location: Houston
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| Posted: Tue May 27, 2008 6:16 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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How much is a Brazillion?
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Dan1195
Heavy Crude
Joined: Mar 19, 2005
Posts: 275
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| Posted: Tue May 27, 2008 6:18 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| Possibly up to 8 billion bbls. Of course it doesnt say if thats Oil in Place or expected recoverable oil. I am guessing the former. |
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KevO
Expert
Joined: May 24, 2005
Posts: 2389
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| Posted: Tue May 27, 2008 7:32 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| Dan1195 wrote: | | Possibly up to 8 billion bbls. Of course it doesnt say if thats Oil in Place or expected recoverable oil. I am guessing the former. |
that's about 3 years worth, yes?
OK.
That may replace what we will lose.
No actually it probably won't
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Sheb
Heavy Crude
Joined: Apr 16, 2007
Posts: 218
Location: New Mexico
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| Posted: Tue May 27, 2008 7:48 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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Nope...move the decimal place over.
At a worldwide consumption rate of 85-MBPD (31-BBPY), then provides enough for less than 0.3 years.
That's *if* all 8-B barrels are recoverable. However, there seems to be a tendency among oil producers to state a reserve quantity much larger than the the recoverable amount. |
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Sheb
Heavy Crude
Joined: Apr 16, 2007
Posts: 218
Location: New Mexico
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| Posted: Tue May 27, 2008 7:50 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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Nope...move the decimal place over.
At a worldwide consumption rate of 85-MBPD (31-BBPY), then provides enough for less than 0.3 years.
That's *if* all 8-B barrels are recoverable. However, there seems to be a tendency among oil producers to state a reserve quantity much larger than the the recoverable amount. |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Tue May 27, 2008 8:09 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| Narz wrote: |
Sounds like a lot of work to get that out but if it's really 8 billion barrels it could buy... well Brazil, a bit of time.
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I'm not an expert on this, but some real drilling experts say the technology to extract this oil on more than a limited basis has not yet been developed. |
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4836
Location: Southwest WI
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| Posted: Tue May 27, 2008 8:50 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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Didn't i read that this deep drilling was MELTING super expensive drillbits? Good luck getting this stuff out. I'll believe it when the first tankers are filled.
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Specop_007
Expert
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Joined: Aug 12, 2004
Posts: 6265
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| Posted: Tue May 27, 2008 9:44 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| Sheb wrote: | Nope...move the decimal place over.
At a worldwide consumption rate of 85-MBPD (31-BBPY), then provides enough for less than 0.3 years.
That's *if* all 8-B barrels are recoverable. However, there seems to be a tendency among oil producers to state a reserve quantity much larger than the the recoverable amount. |
Well, arent you just a bundle of optimism..... 
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DomusAlbion
Moderator
Joined: Dec 08, 2004
Posts: 1633
Location: Nez Perce Nation
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| Posted: Tue May 27, 2008 9:53 am Post subject: Re: Largest W. Hemisphere oil discovery in 3 decades (bloomb |
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| Aaron wrote: | | How much is a Brazillion? |
Whatever the value it is always measured as 2 units and comes in sizes ranging from AAA too DD.
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