Brazil announces new oil reserves

[lovuian]

http://news.bbc.co.uk/2/hi/americas/7086264.stm

The Brazilian government says huge new oil reserves discovered off its coast could turn the country into one of the biggest oil producers in the world.

Petrobras, Brazil's national oil company, says it believes the offshore Tupi field has between 5bn and 8bn barrels of recoverable light oil.

A senior minister said Brazilian oil production had the potential to match that of Venezuela and Saudi Arabia.

Petrobras delivered its estimate after analysing test results.

The state-controlled company says the results show high productivity for gas and light oil - the best quality oil - which is more valuable and cheaper to refine.
more...
sounds like a big find
maybe the prices will come down

[mike_c]

1. tell me again....

How many is a Brazilian?

:rofl:

I'm here all week folks! Tip your waitress unless you're running for president and don't forget to try the veal!

[SoCalDem]

6. Funny you should mention that

[Swamp Rat]

7. Oh man!

I don't know what the fuck's goin' on. :D

[Trajan]

10. The Tip story has been discredited ....

But your homage to that BS will live forever .....

Too bad .....

[SeattleGirl]

2. Brazil better watch out!

I'm sure Bush wants to invade them now.

[Faux pas]

9. My first thought too. I'm sure he'll be searching for wmds there by

December.

[Extend a Hand]

3. I don't think I'd count on it helping gas prices

Since:
the world uses 26 billion barrels of oil every year
Many existing fields are already declining rapidly
demand is increasing world wide
A new discovery takes many years to bring online

[lvx35]

5. Yep, but this might create the false dip that investors have been hoping for.

If I had money I would be investing every dollar in oil right now, especially if people think this is going to be any kind of solution.

[SoCalDem]

4. Screaming maniac on CNBC said we have RUN out of "new oil"

and we should be happy to have $100 oil :grr:

[Doctor Cynic]

8. Have you noticed?

There will always be "new oil" discovered, but all of it's in the armpits of the world: Siberia, Arctic oceans, central Africa, the Canadian tundra. Meanwhile all the developed sources have reached their peak. Hence the cost of exploration and extraction will increase, precisely at the time third world countries suddenly have more money they can handle. We'll be seeing triple digit prices from now on.