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Page added on September 30, 2009

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Brazil's Pre-Salt May Hold 25-100 Billion Barrels

Sept. 29 (Bloomberg) — Brazil’s so-called pre-salt oil region may hold between 25 billion and 100 billion barrels of oil, the country’s cabinet chief said.

“The reserves are significant,” Chief of Staff Dilma Rousseff said today in a speech in Brasilia, adding that the government doesn’t yet have a final estimate.
Brazil’s proved oil reserves totaled 12.6 billion barrels last year, according to London-based BP Plc. The pre-salt region located along the Brazilian coast includes the Tupi field, the biggest oil discovery in the Americas since 1976.

The estimate made today by Rousseff surpasses the 80- billion barrel forecast made in November 2008 by Haroldo Lima, head of Brazil’s national petroleum agency, or ANP.

Rousseff said a proposed shared-production plan would eliminate the government’s risks and guarantee the crude would belong to Brazil.


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