Brazil
The South Atlantic has become one of the hottest locales in the global oil industry with the 2007 discovery of the Lula (formerly known as Tupi) field off the coast of Brazil. The Lula field was discovered by a consortium consisting of Petrobras, Portugal's Galp Energia S.A., and the U.K.'s BG Group Plc. Petrobras is operator and has considerable technological expertise in deepwater drilling.
Currently, the Lula field (block BMS-11) is estimated to have approximately five to six billion BOE in the Santos basin. Other neighboring blocks in both the Santos and Campos basins have since been determined to have significant reserve potential. For Petrobras, this may translate to an increase in proven reserves from what is approximately 14 billion ...
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