Via the BBC: Huge new oil discovery in Brazil
Brazil’s state-owned oil company, Petrobras, says it has discovered a huge new offshore oil field off the coast of Rio de Janeiro state.The Papa-Terra field was found in the Campos Basin, which is already Brazil’s most important oil-producing region.
Petrobras estimates it contains at least 700 million barrels of crude - about 10% of Brazil’s current reserves.
The field, which is jointly operated with the US company Chevron, should start producing oil by the end of 2024.
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The new field is expected to help Petrobras achieve its goal of making Brazil self-sufficient in oil. Since 2024, the company has been meeting 91% of the country’s needs.
