Brazil's Oil Reserves Believed to Be Close to 30 Billion Barrels
2011 - February 2011
Written by Newsroom
Monday, 21 February 2011 03:47
Brazil's National Oil Association (ANP), the country's oil regulator announced that proven Brazilian oil reserves rose 10.65% in 2010 to nearly 14.25 billion barrels, the biggest annual increase in the past eight years. Total reserves, overwhelmingly offshore, which also include probable and possible reserves, soared 34.57% to 28.47 billion barrels.
ANP also indicated that proven natural gas reserves increased 15.23%, ending 2010 at 423 billion cubic meters.
The new figures include initial production at the ultra-deep Lula and Cernambi fields, the first to be developed in Brazil's promising offshore, pre-salt frontier, so-named because it is located deep below the ocean floor under a shifting layer of salt...