Recent Offshore Oil Discoveries and the Prospects for Brazil’s Energy Sector
27 January 2010Brazil is currently the largest primary energy consumer of the Central and South American countries. The discovery of the large sub-salt Tupi Field,which potentially holds up to 50 billion barrels of oil, could make Brazil one of the largest oil producers in the world. Last year Brazilian Mining and Energy Minister Edison Lobao announced that his country could start producing oil from its vast offshore crude reserves in five to six years. The export potential of such vast amounts of crude could also make Brazil eligible to join oil cartel OPEC.
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Recent Offshore Oil Discoveries and the Prospects for Brazil’s Energy Sector
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