Gulf Oil and Gas accountACCOUNT

Brazil Offshore Subsalt Holds 176 bln bbls of Oil, Gas

Source: Reuters 8/11/2015, Location: South America

Brazil's Subsalt Polygon, an offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said.

The Polygon, which covers most of Brazil's Santos and Campos offshore sedimentary basins, contains at least 176 billion barrels of undiscovered, recoverable resources of oil and natural gas (barrels of oil equivalent), according to study released last week by Cleveland Jones and Hernane Chaves of the National Institute of Oil and Gas (INOG) at Rio de Janeiro-State University.

That is more than four times the 30 billion to 40 billion boe already discovered in the area.

"This is a conservative estimate with a high probability of coming true, 90 percent in fact," Jones said. "In theory, total undiscovered, recoverable resources in the Subsalt Polygon could be as high as 273 billion barrels, but the higher number only has a statistical certainty level of 10 percent."

Subsalt refers to oil trapped far beneath the Earth's surface or seabed by a layer of mineral salts. The Polygon is a Brazilian legal district that covers an offshore area near Rio de Janeiro and Sao Paulo where Brazil already gets about 85 percent of its oil and gas.

The INOG's estimate is the only major public assessment of the Subsalt Polygon's potential. The 2015 estimate is 54 percent bigger than the INOG's 2010 estimate of 114 to 288 billion boe. That survey put the probability of the lower estimate at 90 percent and the higher outlook at 10 percent.

Unlike other democratic, oil-producing countries such as the United States, Canada, Britain and Norway, Brazil's government and petroleum regulator ANP does not publish estimates of potential Brazilian offshore resources.

"Brazil has been remiss in not making such numbers public," said John Forman, a former director of Brazil's oil regulator ANP. He added that the INOC estimate is the only reliable public estimate available and that it uses industry-accepted methods.

Taken individually, the average size of undiscovered fields within the Subsalt Polygon is 246 million boe, according to the 2015 study's most conservative estimate.

Recoverable resources are exploitable using current technology, but may not be viable depending on the price of oil, the cost of equipment and the financial health of the companies that own the rights to produce them. Resources can only become reserves if they economically exploitable.

Exploration News in Brazil >>

Egypt >>  7/17/2019 - Egypt's Ambassador to Algeria Ayman Mosharafa said that he discussed with Algerian Energy Minister Mohamed Arkab means of boosting bilateral relations...
Norway >>  7/12/2019 - Aker BP is about to complete the Liat?rnet exploration well in licence 442 in the NOAKA area. The well has proved oil with a gross resource estimate o...

United Kingdom >>  7/12/2019 - Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the...
Colombia >>  7/10/2019 - Gran Tierra Energy Inc. (Gran Tierra) (GTE) announced an operations update. Production amounts are unaudited and on an average working interest before...

United Kingdom >>  7/10/2019 - The Oil and Gas Authority (OGA) has launched the 32nd Offshore Licensing Round with 768 blocks or part-blocks on offer across the main producing areas...
Egypt >>  7/4/2019 - The Petroleum Ministry announced that Belayim Petroleum Company (PETROBEL) made a new oil discovery in Abu Rudeis-Sidri area in South Sinai. ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Brazil Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.