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Oil Prices Rise On Hurricane Outages

Oil Prices Rise On Hurricane Outages

Crude prices rose on Tuesday…

Brazil’s Subsalt Oil & Gas Deposits Twice as Large as Existing Reserves

A representative from Brazil’s energy ministry has recently announced that the giant subsalt oil and gas deposits that were discovered in 2007, may yield around 35 billion barrels of recoverable oil equivalent; double the country’s current reserves.

Some analysts have even estimated that the subsalt region, about the size of the state of New York, may hold a total of 100 billion barrels of recoverable oil; enough to meet current US oil demands for 14 years.

Marco Antonio Martins Almeida, the secretary of oil and gas at Brazil’s Ministry of Mines and Energy, confirmed that the “subsalt discoveries that have been evaluated so far suggest a volume of recoverable oil more than double Brazil's proven reserves.

Related article: China Set to Become the World’s Largest Oil Importer

That means we could have three times our reserves just with the volumes that have already been evaluated.”

Petrobras, Brazil’s state-owned oil company, has already found good-quality oil in the Carcara well in its BM-S-8 block, located in the Santos Basin. This block alone is estimated to contain around one billion barrels of recoverable oil, and Almeida has stated that the rights to explore other blocks in the substrate field will be offered to private investors in an auction, to be held on the 28th of November under a new regulatory framework.

By. Charles Kennedy of Oilprice.com



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  • MrColdWaterOfRealityMan on March 14 2013 said:
    Yes, if all the oil was actually recovered, and all sold to the USA, it would last 14 years at current consumption rates. Or slightly over 3 years for the entire world. No word (naturally) on real, physical world net energy return, or price, without which one can't assess the actual value of the find.

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