Brazil Oil Finds May End Western Hemisphere's Reliance on Middle East

[w¡n9Nµ7 §£@¥€r 123]

April 24 (Bloomberg) -- Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said.

Saudi Arabia's influence as the biggest oil exporter would wane if the fields are as big as advertised, and China and India would become dominant buyers of Persian Gulf oil, said Peter Zeihan, vice president of analysis at Strategic Forecasting in Austin, Texas.

...

Brazil may be pumping "several million'' barrels of crude daily by 2020, vaulting the nation into the ranks of the world's seven biggest producers, Zeihan said in a telephone interview. The U.S. Navy's presence in the Persian Gulf and adjacent waters would be reduced, leaving the region exposed to more conflict, he said.

...

Brazil's state-controlled Petroleo Brasileiro SA in November said the offshore Tupi field may hold 8 billion barrels of recoverable crude. Among discoveries in the past 30 years, only the 15-billion-barrel Kashagan field in Kazakhstan is larger.

Haroldo Lima, director of the country's oil agency, last week said another subsea field, Carioca, may have 33 billion barrels of oil. That would be the third biggest field in history, behind only the Ghawar field in Saudi Arabia and Burgan in Kuwait.

...

If additional drilling by Petrobras, as Petroleo Brasileiro is known, confirms the Tupi and Carioca estimates, the fields together would contain enough oil to supply every refinery on the U.S. Gulf Coast for 15 years. Petrobras said it needs at least three months to determine how much crude Carioca may hold.

Zeihan said that beyond supply gains from Brazil, it will take a tripling of Canadian oil-sands output and greater fuel efficiency to end Western reliance on Middle East oil.

...

More discoveries will follow in Brazil's offshore basins, most of which have yet to be opened to exploration, Zeihan said. Repsol YPF SA, Exxon Mobil Corp. and Devon Energy Corp. are among the producers scouring Brazil's waters for reserves.

"The finds they've got so far are just the tip of the iceberg,'' Zeihan said. "Brazil is going to change the balance of the global oil markets, and Petrobras will become a geopolitical supermajor.''

http://www.bloomberg.com/apps/news?pid=206...id=aBUoYKhu7PWk

[Ban Hammer 12,829]

yay for brazil

[almaty 19]

alright goooooooooooooooooooooooooo brazil

[w¡n9Nµ7 §£@¥€r 123]

and yay for the united states of america, too!

establishing a military presence inbrazil won't be nearly as expensive as in saudi!

[almaty 19]

i agree...damn, that pesky Paraguay..you are on notice........

[w¡n9Nµ7 §£@¥€r 123]

chavez, too....

[almaty 19]

also, Peru President ///

[Ban Hammer 12,829]

and yay for the united states of america, too!

establishing a military presence inbrazil won't be nearly as expensive as in saudi!

i'm sure everyone will want to deploy there

[w¡n9Nµ7 §£@¥€r 123]

hell yes!

[mawilson 2,133]

April 24 (Bloomberg) -- Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said.

We don't rely on the Middle East that much as it is.

The US gets most of its oil from the Americas - Canada, Mexico and Venezuela.

Saudi Arabia is the fourth largest supplier.

Edited April 24, 2008 by mawilson

[w¡n9Nµ7 §£@¥€r 123]

April 24 (Bloomberg) -- Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said.

We don't rely on the Middle East that much as it is.

The US gets most of its oil from the Americas - Canada, Mexico and Venezuela.

Saudi Arabia is the fourth largest supplier.

I guess the idea is that we can totally eliminate our dependence on the ME?

[Hilarious Clinton 452]

yay for brazil

Yeah. Pack sand ME.

[Jamie76 0]

April 24 (Bloomberg) -- Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said.

Saudi Arabia's influence as the biggest oil exporter would wane if the fields are as big as advertised, and China and India would become dominant buyers of Persian Gulf oil, said Peter Zeihan, vice president of analysis at Strategic Forecasting in Austin, Texas.

...

Brazil may be pumping "several million'' barrels of crude daily by 2020, vaulting the nation into the ranks of the world's seven biggest producers, Zeihan said in a telephone interview. The U.S. Navy's presence in the Persian Gulf and adjacent waters would be reduced, leaving the region exposed to more conflict, he said.

...

Brazil's state-controlled Petroleo Brasileiro SA in November said the offshore Tupi field may hold 8 billion barrels of recoverable crude. Among discoveries in the past 30 years, only the 15-billion-barrel Kashagan field in Kazakhstan is larger.

Haroldo Lima, director of the country's oil agency, last week said another subsea field, Carioca, may have 33 billion barrels of oil. That would be the third biggest field in history, behind only the Ghawar field in Saudi Arabia and Burgan in Kuwait.

...

If additional drilling by Petrobras, as Petroleo Brasileiro is known, confirms the Tupi and Carioca estimates, the fields together would contain enough oil to supply every refinery on the U.S. Gulf Coast for 15 years. Petrobras said it needs at least three months to determine how much crude Carioca may hold.

Zeihan said that beyond supply gains from Brazil, it will take a tripling of Canadian oil-sands output and greater fuel efficiency to end Western reliance on Middle East oil.

...

More discoveries will follow in Brazil's offshore basins, most of which have yet to be opened to exploration, Zeihan said. Repsol YPF SA, Exxon Mobil Corp. and Devon Energy Corp. are among the producers scouring Brazil's waters for reserves.

"The finds they've got so far are just the tip of the iceberg,'' Zeihan said. "Brazil is going to change the balance of the global oil markets, and Petrobras will become a geopolitical supermajor.''

http://www.bloomberg.com/apps/news?pid=206...id=aBUoYKhu7PWk

They are going to need to find a lot more large fields to help our predicament. Enough to supply every refinery on the Gulf Coast for 15 years? What then? We will be in the same situation as we are now. It will help us bridge the gap to alternatives? We've been saying that for over 30 years. We won't change until we are forced to change.

It's too bad the Bakken Oil find in North Dakota is only around 3.5 billion barrels. Earlier estimates were pegged at 200 to 500 billion barrels. Quite a drop.

[Tyrobe 1]

That's a very nice potential field there. We need to find a big reserve like that in the Gulf. That'll be really great!