Brazil finds new oil field, possibly among biggest in the world

Brazil finds new oil field, possibly among biggest in the world
AFP - Monday, April 14 10:53 pm

RIO DE JANEIRO (AFP) - Brazil has discovered a new offshore oil field that could prove to be "the third biggest field in the world," the head of the country's National Oil Agency, Haroldo Lima, said Monday.

The find, located off the southwest coast near another field called Tupi whose immense reserves were announced in November, is calculated to hold 33 billion barrels of oil, he said.

"It could be the biggest discovery in the last 30 years," Lima told a conference, according to Brazilian media.

"But nothing is confirmed," he cautioned, explaining his information was "unofficial."

Petrobras issued a note after its shares rose 7.67 percent on the news, saying it was too early to say how much oil the field might contain. Geological studies were continuing, it said.

The Tupi find has already been hailed as having the potential to propel Brazil into the same league as OPEC nations, with estimated reserves of up to eight billion barrels of oil.

The new discovery -- known in Brazil as the Carioca site, and abroad as the Pan de Azucar (or Sugarloaf) site -- "could have reserves five times bigger than those of Tupi," Lima said.