Business

Petrobras Proud to Announce New Oil Reserves in Brazil
by Natalia Holvova

It seems the mankind is saved from finding an alternative energy solution or at least, the deadline is now slightly postponed thanks to Brazil. On Thursday, Petrobras (Petróleo Brasileiro), Brazil's national oil company, announced a great discovery of new oil resources in Tupi field near Sao Paolo, Brasil. So far, Petrobras has been producing 2 million barrels of oil per day, however, according to Felipe Cunha, a Brazilian oil analyst, the discovery could bring Petrobras among the companies with world's largest oil reserves (e.i. Exxon, British Petroleum, Chevron, and Shell), leaving Chevron and Shell behind, as reported by Peter Muelo, Associated Press writer (http://money.aol.com/news/articles/_a/brazil-oil-field-may-hold-8b-barrels/n20071108191509990028). The share price of the British Energy Group BG and Petrogal Galp Energia, which hold 25% and 10% of the Tupi field respectively, rose following the announcement. The Brazilian government owns the common share of Petrobras with a vote right. The new find could bring Brazil into the group of the world's largest oil producers, countries like Saudi Arabia, Iran, Iraq, United Arabic Emirates, Venezuela, United States and Mexico. The discovery is certainly good news for the United States, considering they are currently dependent on the oil from Venezuela. The question arises - will the current oil price be anyhow affected, since the current price is about to hit the magical ceiling of 100 dollars per barrel (the price has gotten over 98 dollars per barrel recently).

related story: http://uk.news.yahoo.com/afp/20071108/tbs-brazil-oil-5268574_2.html

by Natalia Holvova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 3:52 PM