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Reuters: New oil find off Brazil holds 1B-plus barrels

  • A drilling campaign offshore Brazil coast shows that an area controlled by Petrobras (PBR -0.2%) and an Indian partner likely holds more than 1B barrels of oil, government and industry officials tell Reuters.
  • The SEAL-11 block and adjacent areas off Brazil's northeastern coast may even hold more than 3B barrels of oil in place; if confirmed, it would make the block - operated and 60% owned by PBR - one of the biggest global discoveries of the year.
  • The area, where PBR is now drilling evaluation wells, also offers the chance to boost Brazilian output with resources that are cheaper and easier to drill than the giant deepwater subsalt reserves to the south.
Comments (3)
  • rambler1
    , contributor
    Comments (400) | Send Message
    PBR & the overriding Brazilian gov't will manage to screw it up.
    26 Sep 2013, 12:01 PM Reply Like
  • dividend_growth
    , contributor
    Comments (2878) | Send Message
    PBR can't get the oil out anyway.


    Meanwhile, it's already sitting on $100 billion USD denominated debt due 2015....
    26 Sep 2013, 02:07 PM Reply Like
  • Bogie 1
    , contributor
    Comments (103) | Send Message
    So this must be their 50th 1B barrel oil find in the last 10 years. Every time they make an announcement, the share price depreciates, the dividend is cut, their debt load expands, they make cheaper and cheaper deals with the Chinese, the government licks its chops even more to hose the shareholders and the citizens who are not on the dole pay more and more for petrol. Got to love the inept Socialists. No wonder the NSA was spying on them, this ws their comedic relief.
    26 Sep 2013, 05:14 PM Reply Like
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