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The Globe and Mail

Brazil subsalt oil reserves at 80 billion boe: agency

Brazil's subsalt oil reserves already under concession could total as much as 80 billion barrels of oil equivalent, Haroldo Lima, the head of Brazil's National Petroleum Agency, said yesterday. "Recently, prognosis indicates at least 50 billion [boe]and a maximum ... of 70, 80 billion barrels," he told reporters, adding that this would include only licensed blocks. An official at the state-run oil company Petrobras neither confirmed nor denied the estimate yesterday. Petrobras has only released recoverable reserve estimates for the Tupi and Iara subsalt fields, which are seen at five billion to eight billion and three billion to four billion barrels of oil. PETR4 (Sao Paulo) rose 79 centavos to 23.69 reais ($13.07).

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