Monday, April 14, 2008

New find casts doubt on "peak oil"

Brazil's National Petroleum Agency said on Monday a new oil find, known as Carioca, could contain 33 billion barrels of oil equivalent, five times the recent giant Tupi discovery. Government officials declined to confirm the discovery: "It's better to wait for official confirmation."

"It could be the world's biggest discovery in the past 30 years, and the world's third-biggest currently active field," Lima, head of the government's oil and fuel market regulator, told reporters at an industry event in Rio de Janeiro.

"This would lay to rest some of the peak oil pronouncements that we were out of oil, that we weren't going to find anymore and that we have to change our way of life," said Roger Read, an energy analyst and managing director at a New York-based investment bank.

source: Brazil oil field could be huge find

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