Petrobras hits with Tupi appraisal

Hundreds supporters of Brazil's reelected President Luiz Inacio Lula da Silva of the Workers' Party (PT) listen to his victory's speech in the presidential elections at Paulista Avenue financial center, in Sao Paulo, Brazil, 29 October 2006. Leftist President Luiz Inacio Lula da Silva won re-election by a landslide on 29 October, and vowed to fight for more social justice while at the same time spurring economic growth. AFP PHOTO/Mauricio LIMA

Brazil joy: Petrobras reports Tupi oil hit.

AFP PHOTO/MAURICIO LIMA

related stories

By News Wires

 07 April 2010 22:55 GMT

Brazil's state-run Petrobras said today it found light oil in a new well that confirmed its estimate of 5 billion to 8 billion barrels in the Tupi offshore field.



The oil field is part of the country's massive offshore pre-salt area, which Brazil hopes will turn it into a major player in energy markets.

The new well, known as Tupi OW, is located at a depth of 2131 metres (7000 feet) and is 270 kilometres (167 miles) from the coast of Rio de Janeiro.

Petrobras holds a 65% stake in Tupi, Britain's BG Group has a 25% stake and Portugal's Galp 10%.

…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index