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BG lifts Tupi reserves estimate; Petrobras mum

02/25/2008
Brazil’ Petroleo Brasileiro SA (Petrobras) has declined to comment on revised production estimates BG Group has made concerning the supergiant Tupi oil discovery in the Santos basin.“We will not comment on those projections,”said a Petrobras spokesman, apparently referring to comments made by BG Chief Executive Officer Frank Chapman that production at the offshore field could reach 1 million boe/d when fully developed.Petrobras reported late in 2007 the discovery of as much as 8 billion bbl of light crude in Tupi field off Rio de Janeiro. The estimated reserves could make Brazil a major world oil exporter.However, BG Group now estimates total hydrocarbons in place on the...
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