Petrobras hits oil at Tupi=to a Norway of oil which were about 8.5 billion last year, according to data compiled by British Petroleum Plc.
Petrobras' Tupi Oil Field May Hold 8 Billion Barrels (Update1)
By Carlos Caminada and Romina Nicaretta
Nov. 8 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, said its offshore Tupi deposit may contain 5 billion to 8 billion barrels of oil and natural gas. The shares rose the most in three years.
The estimated potential reserves at Tupi, located in the Santos Basin, was determined after a second test well, Rio de Janeiro-based Petrobras said today in a statement on the company's Web site. If confirmed, the find would ``significantly increase the quantity of oil' in Brazil, the company said.
Tupi may contain reserves equal to the total estimated oil deposits of Norway, which were about 8.5 billion last year, according to data compiled by British Petroleum Plc. Brazil had proven reserves of 11.3 billion barrels of oil and the equivalent of 273.4 million barrels of natural gas at the end of last year, according to the National Petroleum Agency.
Petrobras shares rose 4.34 reais, or 6.2 percent, to 74.59 at 12:04 p.m. on the Sao Paulo stock exchange. A close at that price would be the biggest gain since May 24, 2004.
Petrobras holds 65 percent of Tupi. BG Group Plc holds 25 percent and Galp Energia SGPS SA holds 10 percent, according to the statement. |
