Brazil's oil reserves expected to rise by 400 million bbl

Brazil's oil reserves are expected to increase by more than 400 million bbl by yearend 2004.Speaking Oct. 4 in Rio de Janeiro at the Rio Oil & Gas Expo, Guilherme Estrella, exploration and production director of Brazil's state-owned oil company Petroleo Brasileiro SA (Petrobras), said, "Domestic crude oil reserves will increase from the present 12.6 billion bbl to 13 billion bbl, despite increasing domestic consumption."Estrella said Petrobras recently made a significant onshore oil discovery in the Potiguar basin in Rio Grande do Norte state. The block on which the discovery was made is being explored in a joint venture with Partex, a Portuguese oil company.Preliminary estimates ...

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