ok! I put this info in one if the forums and see what reaction there is.
RIO DE JANEIRO, May 16 (Reuters) - Brazilian state-run oil
company Petrobras (PETR4.SA) in the first quarter quickened the
pace of drilling in the offshore Santos Basin, Chief Financial
Officer Almir Barbassa said on Monday, as the firm seeks to
speed up development of ultra-deep water reserves.
The country of Brazil is excited about their recent oil find. Shareholders of Brazil's Petroleo Brasileiro SA PBR have reason to be excited as well! Petrobras believes they are sitting on one of the worlds largest oil field reserves deep under the Santos Basin in the Atlantic Ocean. The company estimates recoverable reserves are up to 8 billion barrels of oil, which would be the largest oil discovery in roughly 20 years. It gets better. Some people are estimating that the Santo region could hold up to 33 billion in oil reserves as well as a huge amount of Natural Gas located in the Jupiter Field. This field is located less then 23 miles away from Tupi's east side.