A Rio Find: Brazil Finds a New Hydrocarbon Deposit

Via RIA Novosti, news that a massive oil and gas deposit has been discovered in Brazil, which could make it one of the world’s leading hydrocarbon producers.

“…the new field, discovered on the southwestern coast of the country, could contain between 5 and 8 billion barrels of light oil.

If results of the initial research into the quantity of oil and gas are confirmed, Brazil will be able to increase its hydrocarbon reserves by over 50%, becoming a global leader.

The country is presently unable to meet domestic demand for natural gas and imported additional gas from Bolivia and Argentina in 2006.

In February, Russian energy giant Gazprom [RTS: GAZP] signed an agreement on hydrocarbon cooperation with Brazil. Gazprom has also shown interest in joining a transcontinental gas pipeline project set to go through Brazil, Argentina and Venezuela….”

This entry was posted on Thursday, November 8th, 2007 at 5:06 pm and is filed under Brazil, Gazprom, Petroleo Brasileiro.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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Wildcats & Black Sheep is a personal interest blog dedicated to the identification and evaluation of maverick investment opportunities arising in frontier - and, what some may consider to be, “rogue” or “black sheep” - markets around the world.

Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.