Brazil Property News: Brazil has 12.6 bn barrels of proven oil reserves




25th February 2008 03:59


Brazil has announced this week that at the end of 2007 it had 12,623 billion barrels of proven oil reserves.

According to the National Petroleum Agency, Brazil also had 364.99 billion cubic metres of natural gas reserves – a statistic which may give the Latin American nation an economic boost.

State-owned oil firm Petrobras also reported last month that it had proven oil reserves at the end of 2007 of 9.138 billion barrels, including reserves from fields which are currently being developed.

At the end of last year and the beginning of 2008 Petrobras made two major oil discoveries just off the coast of Rio de Janeiro.

The first oil field found, Tupi, was estimated to be worth as much as 40 per cent of Brazil's total oil reserve and the second discovery was tipped as being equally significant.

Property investors may be encouraged by Brazil's flourishing position in the oil market, as economic strength in the nation may have a positive knock-on effect on house prices.

For more information on Brazil property investment and to find out about uv10's latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com


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