Brazil's Subsalt Discoveries - Offshore Brazil Emerges as a Leading Investment Destination for Global Oil and Gas Companies

Brazil's Subsalt Discoveries - Offshore Brazil Emerges as a Leading Investment Destination for Global Oil and Gas Companies analyzes subsalt discoveries in Brazil, which have transformed Brazil’s offshore region into one of the most attractive upstream investment destinations globally. Brazil has quickly emerged as the one of the important regions for offshore crude oil production in the world. With new fields, mostly offshore, and huge reserves being discovered in recent years, Brazil is fast emerging as the top crude oil producer. Subsalt reserves which are typically petroleum reserves thousands of meters below layers of sand and rocks and salt contain huge reserves of oil. Recent sub-salt discoveries have transformed Brazil into a country with one of the highest potential investment acreages globally. Tupi Field, which was discovered in November 2007, is the largest discovery in North and South & Central Americas since 1970. It has estimated recoverable reserves of 5-8 billion barrels. This discovery in the pre-salt layer, which extends from the State of Espírito Santo to the State of Santa, is considered as one of the most attractive exploration acreages worldwide. It will increase Brazil’s recoverable reserves of crude oil by 50%, which will significantly increase the revenues of the country’s oil and gas industry.

March, 2010

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