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Brazil Finds New Huge Oilfield, Possibly World’s Third Largest

Petrobras platform in Búzios, Brazil Brazil keeps finding huge new oil fields. The director general of Brazil's National Petroleum, Natural Gas and Biofuel Agency (ANP), Haroldo Lima, announced today this Monday, April 14, that Petrobras, the state-controlled oil multinational discovered a "mega field" of oil and gas at the Santos Basin, in the southeastern Brazilian Coast.

"It is the largest discovery in the oil market in the last 30 years, and this field, named Carioca, might be the third largest in the world," said Haroldo Lima.

According to Lima, the Carioca field is located near the Tupi field discovered last year. He stated that the new field contains reserves estimated at 33 billion barrels of oil equivalent (petroleum and petroleum gases), whereas the Tupi field contains reserves estimated to be between 5 million and 8 billion barrels.

The Tupi discovery was announced last November 8. At the time the state company informed that it had concluded the analysis of formation tests conducted in the second well of the area baptized as Tupi, in the bloc BM-S-11, located in the Santos Basin, in the pre-salt layer.

The volume of light oil (28º API) was estimated between 5 billion and 8 billion barrels of oil and natural gas.

On January 21st, Petrobras disclosed the existence of large reserves of natural and condensed gas (very light oil) in the pre-salt layer (deep layer of rock) in Santos Basin. According to the organization, the main well, in bloc BM-S-24, was located 290 kilometers away from the coast of Rio de Janeiro.

"This field will help us reach independence in the sector," stated the minister of Mines and Energy, Edison Lobão, in Brasí­lia, at the time of the announcement. "In terms of gas, there are gigantic proportions."

The statement also added that the consortium that explores Jupiter, made up of Petrobras and Galp Energia, from Portugal, is going to continue investigating the dimensions of the new natural and condensed gas reserves.

The Exploration and Production director of Petrobras, Guilherme Estrella, said that the reserves may guarantee self-sufficiency in gas. Still according to Estrella, there was great expectations for new discoveries at Santos Basin, as most of the 15 fields drilled presented successful results in the tests executed.

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