Oil discovery rocks Brazil

CNN's headline, not mine! :eyes:

RIO DE JANEIRO, Brazil (AP) -- A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said.

The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable light crude, sending Petrobras shares soaring and prompting predictions that Brazil could join the world's "top 10" oil producers.

Petrobras President Sergio Gabrielli said Thursday the oil from ultradeep areas, including the Tupi field, would give Brazil the world's eighth-largest oil and gas reserves.

"Brazil's reserves will lie somewhere between those of Nigeria and those of Venezuela," Gabrielli said at a news conference.

http://www.cnn.com/2007/WORLD/americas/11/08/brazil.oil.ap/index.html

Hmmm... 8B/85M barrels equals about three months supply at present global consumption rates. Probably not even enough to get Brazil on the invasion list...

This will put Brazil right up there with Venezuela.

It will get Cheney's blood blood flowing - what an opportunity for the U.S./oil companies - and all we have to do is topple their government.

I think it's safe to say that it will be a while before Brazil can make its contribution to world energy markets with a reservoir that might amount to 10% of Ghawar.