From the Newsroom*
São Paulo – Brazilian oil giant Petrobras announced yesterday (27) the discovery of a giant oil field in Campos Basin, in the southeastern Brazilian state of Rio de Janeiro. Field BC-20, also called Papa-Terra, has potential reserves of between 700 million and one billion barrels of oil, almost 10% of total Brazilian reserves.
The area, operated by Petrobras and Chevron, should enter production by the end of 2011. The oil is considered very heavy. These oils are more expensive to extract and refine than lighter oils.
*Translated by Mark Ament
