Petrobras scores big at Tupi

Brazil's Ronaldinho celebrates a goal against the U.S. during the second half of their international friendly soccer match in Chicago, September 9, 2007. REUTERS/John Gress (UNITED STATES)

Looking good: at Tupi

JOHN GRESS

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Anthea Pitt

 08 November 2007 13:11 GMT

Brazil's state-run producer Petrobras is sitting on recoverable reserves of between 5 billion and 8 billion barrels of oil and natural gas at the Tupi field, it said today.

"It's a giant one, without a hint of doubt. It's about twice the size of Roncador, Brazil's biggest discovery so far," Caio Carvalhao, research associate with Cambridge Energy Research Association in Rio de Janeiro, told Reuters.

Roncador has around 3 billion barrels of recoverable heavy oil reserves.

Brazil's total proven reserves are around 12 billion barrels.

Petrobras also said it made a regional evaluation of subsalt potential in southern and south-eastern basins and the outlook was very promising.

"If confirmed, the recoverable volumes of oil and gas will lift significantly the quantity of existing oil…

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