Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Actually, it sounds pretty good (if the survey isn't tainted):

BBC NEWS | Business | Brazil announces new oil reserves

The Brazilian government says huge new oil reserves discovered off its coast could turn the country into one of the biggest oil producers in the world.

Petrobras, Brazil's national oil company, says it believes the offshore Tupi field has between 5bn and 8bn barrels of recoverable light oil.

Certainly a better grade than Orinoco.

I've also seen natural gas mentioned in connection with the Brazilian find but I don't have time to track that down right now. :-)

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman

by dvx (dvx.clt št gmail dotcom) on Wed Nov 21st, 2007 at 04:42:27 AM EST
[ Parent ]
between 5bn and 8bn barrels of recoverable light oil
Okay, so that's 2 to 3 years' worth of "good stuff".

We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Wed Nov 21st, 2007 at 05:25:14 AM EST
[ Parent ]
It is a lot... the great thing is that it will become in hand just exactlyy at the time we need it the most.. when other fields are depleting fast in four- five years.

this oil will not reduce the price of oil and it would make the transition less bumpy...

And if Brazil has decent governemnt.. they will also win..

it's a win win situation...
OH and the problem of global warming is coal.. not oil...

A pelasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Wed Nov 21st, 2007 at 06:39:09 AM EST
[ Parent ]
See! The markets provide!

All you have to do is believe hard enough.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Nov 21st, 2007 at 08:24:11 AM EST
[ Parent ]


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