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Saturday, 30 August, 2008, 11:40 GMT | more prices >>

Analysts question Carioca figures



By Upstream staff 

Credit Suisse analysts today threw cold water on claims that Petrobras' Carioca find could hold as much as 33 billion barrels of oil, as the Brazilian state-run giant's boss Jose Sergio Gabrielli refused to be drawn on the discovery's potential size.

Mark Flannery, analyst with Credit Suisse said in a conference call with clients that multi-billion barrel figure, made public by ANP boss Haroldo Lima earlier this week, is “way off the mark”.

Credit Suisse said that it believs a 600 million barrel estimate - 98% less than the figure given by Lima - is more reasonable.

However, Gabrielli refused to give a figure for the find, telling Bloomberg that an appraisal well was spudded at Carioca on 22 March.

“As soon as we finish the drilling process, we'll have better information,” he added.

The company has also said it needs at least three months to accurately determine Carioca's recoverable reserves.

Meanwhile, Credit Suisse's Flannery said Lima’s earlier estimate was probably intended for the entire Sugar Loaf formation, of which Carioca is a part.

Carioca lies 273 kilometres off Brazil's south-east coast and is the only proven discovery of seven prospects identified in Block BM-S-9.

Petrobras holds 45% of Carioca. The UK's BG Group holds a 30% stake, with Spanish player Repsol YPF holding the remainder.


Wednesday, 16 April, 2008, 17:27 GMT  | last updated: Thursday, 17 April, 2008, 08:22 GMT

How much? Jose Sergio Gabrielli keeps mum over Carioca's potential reserves
 

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