Brazil's Libra Oil Find May Hold 15 Bln Bbl

Source: Reuters 10/30/2010, Location: South America

Brazil's offshore Libra oil prospect could hold as many as 15 billion barrels, national oil regulator ANP said, which would make it one of the world's largest oil finds in the last decade.

But the ANP said the most likely estimate is that the field holds around 8 billion barrels, making it comparable to the giant Tupi discovery announced in 2007 that drew the world's attention to Brazil's potential as an energy producer.

"The volume of recoverable oil belonging to the nation could vary from 3.7 billion barrels to 15 billion barrels, with the most likely estimate being 7.9 billion barrels," the ANP said in a statement, citing a study carried out by certification firm Gaffney, Cline & Associates.


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