Brazil’s oil reserves ‘could hit 100bn barrels’
Brazil’s pre-salt oil reserves could contain between 50 billion to 80 billion barrels, it has been claimed.
People looking at property for sale in Brazil could be interested to hear the news which suggests the nation is enjoying a period of economic resilience.
According to the head of the country’s National Petroleum Agency (ANP), Harold Lima, that number could rise to 100 billion if unlicensed areas were included.
Mr Lima added that the volumes are so large that it was difficult to pin down exactly what this means to the nation.
However, a report on 24/7 Wall St asked the question of whether this meant Brazil is the new Saudi Arabia.
The report stated that Brazil’s newest find was more than the current supply in Russia and as much as is being claimed in Kuwait.
"If Brazil can tap all of this crude, it would make a significant increase to global supply a decade from now," the website added.
Meanwhile, the Economic Times reported this week that economy minister Guido Mantega is calling for more financial clout for emerging nations.
