22 January 2008

Brazil offshore strikes big

PetroBras, the Brazilian state-owned oil and gas company, announced today that it had discovered an offshore oil and gas field that may contain as much as eight billion barrel-equivalents of oil and gas.

Its the second such announcement from PetroBras in the past 10 weeks.

The new field is located some 290 kilometres offshore and lies underneath more than five kilometres of ocean and seabed.

-srbp-