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Brazil offshore subsalt holds 176 bln bbls of oil, gas -study RIO DE JANEIRO | By Jeb Blount Aug 10, 2015 <posted by macaense>


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#1 macaense

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Posted 15 September 2015 - 11:20 PM

Brazil offshore subsalt holds 176 bln bbls of oil, gas -study

RIO DE JANEIRO | By Jeb Blount

 

 

Aug 10 Brazil's Subsalt Polygon, an offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said.

The Polygon, which covers most of Brazil's Santos and Campos offshore sedimentary basins, contains at least 176 billion barrels of undiscovered, recoverable resources of oil and natural gas (barrels of oil equivalent), according to study released last week by Cleveland Jones and Hernane Chaves of the National Institute of Oil and Gas (INOG) at Rio de Janeiro-State University.

That is more than four times the 30 billion to 40 billion boe already discovered in the area.

"This is a conservative estimate with a high probability of coming true, 90 percent in fact," Jones said. "In theory, total undiscovered, recoverable resources in the Subsalt Polygon could be as high as 273 billion barrels, but the higher number only has a statistical certainty level of 10 percent."

Subsalt refers to oil trapped far beneath the Earth's surface or seabed by a layer of mineral salts. The Polygon is a Brazilian legal district that covers an offshore area near Rio de Janeiro and Sao Paulo where Brazil already gets about 85 percent of its oil and gas.

The INOG's estimate is the only major public assessment of the Subsalt Polygon's potential. The 2015 estimate is 54 percent bigger than the INOG's 2010 estimate of 114 to 288 billion boe. That survey put the probability of the lower estimate at 90 percent and the higher outlook at 10 percent.

Unlike other democratic, oil-producing countries such as the United States, Canada, Britain and Norway, Brazil's government and petroleum regulator ANP does not publish estimates of potential Brazilian offshore resources.

"Brazil has been remiss in not making such numbers public," said John Forman, a former director of Brazil's oil regulator ANP. He added that the INOC estimate is the only reliable public estimate available and that it uses industry-accepted methods.

Taken individually, the average size of undiscovered fields within the Subsalt Polygon is 246 million boe, according to the 2015 study's most conservative estimate.

Recoverable resources are exploitable using current technology, but may not be viable depending on the price of oil, the cost of equipment and the financial health of the companies that own the rights to produce them. Resources can only become reserves if they economically exploitable. (Reporting by Jeb Blount; Editing by Marguerita Choy)

 

EXCERPT: "The INOG's estimate is the only major public assessment of the Subsalt Polygon's potential. The 2015 estimate is 54 percent bigger than the INOG's 2010 estimate of 114 to 288 billion boe."


Edited by macaense, 04 May 2016 - 10:51 PM.

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#2 macaense

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Posted 19 September 2015 - 10:07 PM

There is a campaign to smear Petrobras in the media, read this report:

 

http://seekingalpha....ce30b6&uprof=53


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#3 macaense

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Posted 10 October 2015 - 11:48 AM

Aproximadamente 14.600 resultados (0,62 segundos) 
Resultados da pesquisa
Brazil oilworkers renew strike threat against Petrobras ...
af.reuters.com › ... › Agricultural Commodities
8 de set de 2015 - RIO DE JANEIRO, Sept 8 (Reuters) - Brazil's largest oilworkers union federation on ... Brazil oilworkers renew strike threat against Petrobras ... The Polygon may contain 176 billion barrels of undiscovered oil and equivalent ...
Study: Brazil Offshore Subsalt Holds 176 Billion Barrels Of ...
www.rigzone.com/.../Study_Brazil_Offshore_Subsal...
10 de ago de 2015 - Study: Brazil Offshore Subsalt Holds 176 Billion Barrels Of Oil, Gas ... RIO DE JANEIRO, Aug 10 (Reuters) - Brazil's Subsalt Polygon, an offshore ... Petrobras and Majors Sit Out Worst Brazil Oil Round in Decade · Resource ...
Você visitou esta página em 18/09/15.
Jeb Blount of Reuters - Journalist on Muck Rack
muckrack.com/jeb-blount?page=29
Brazil offshore subsalt holds 176 bln bbls of oil, gas -study ... contains at least 176 billion barrels of undiscovered, recoverable resources of oil and natural gas (barrels of ... UPDATE 3-Petrobras profit slumps; surprise writedown defies outlook.
Articles written by Jeb Blount - Muck Rack
muckrack.com/jeb-blount/articles
Exclusive - U.S. graft probes may cost Petrobras record $1.6 billion or more ... uk.reuters.com — RIO DE JANEIRO/NEW YORK Aug 18 Brazil's Petrobras may .... contains at least 176 billion barrels of undiscovered, recoverable resources of oil ...

29 de ago de 2015 - Scientists estimate the polygon to contain at least 176 billion barrels of oil ... Lifting the local content rules would free Petrobras, the world's most ..


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#4 macaense

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Posted 29 October 2015 - 07:28 PM

Aproximadamente 367.000 resultados (0,54 segundos) 
  1. We are Committed to Better Energy Discover our Activities & Projects
 
Resultados da pesquisa
Brazil says subsalt oil finds could triple total reserves | Reuters
www.reuters.com/.../brazil-oil-subsalt-idUSL1N0C4...
12 de mar de 2013 - Brazil's giant subsaltoil and gas region could yield 35 billion barrels of recoverableoil equivalent, more than double Brazil's existing reserves, ...
Brazil offshore subsalt holds 176 bln bbls of oil, gas -study ...
www.reuters.com/.../brazil-oil-estimate-idUSL1N10...
10 de ago de 2015 - Brazil's Subsalt Polygon,an offshore area that has already yielded some of the ... "In theory, total undiscovered, recoverable resources in the Subsalt ... Resources can only become reserves if they economically exploitable.
Você visitou esta página 2 vezes. Última visita: 14/09/15
Some estimates give the total area of the Pre-salt as 122,000 km2. Of this total ... This block alone can almost double the current Brazilian oil reserves. The first ...
The former president of Brazil, Luiz Inácio Lula da Silva called the field ... to meet the total global demand for crude oil for about three months at the 2008 global ... (0.79 km3) of recoverable oil which could increase Brazil's reserves by 62%. ... Lula is a sub-salt discovery—held in rocks beneath a salt layer that, in places, ...
Brazil's Subsalt Oil & Gas Deposits Twice as Large as ...
oilprice.com › Latest Energy News | World News
12 de mar de 2013 - Oil and gas deposits in Brazils giant subsalt fields could hold 35-100 ... may hold a total of 100 billion barrels of recoverable oil; enough to meet ...
[PDF]Sub-Salt and Pre-Salt Plays - Search and Discovery
www.searchanddiscovery.com/.../ndx_arbouille.pdf
25 de nov de 2013 - Sub-Salt and Pre-Salt Plays – How Much Are Left To Be Discovered?* ... still be discovered, with total recoverable reserves between two and nine Bboe. First evidences of oil in pre-salt deposits of the Brazilian offshore were ...
New Oil Finds Around the Globe: Will the U.S. Capitalize on ...
instituteforenergyresearch.org/.../new-oil-finds-arou...
Brazil. Brazil has some 15 billion barrels of proved oil reserves in its sub-salt offshore ... [v] The sub-salt's share of total domestic oil production is expected to ...
Subsalt seen as promising exploration frontier for Brazil ...
www.offshore-mag.com/.../subsalt-seen-as-promisin...
1 de jan de 2007 - Brazil's subsalt exploration is focused in the Santos, Campos and Espirito ... be another Campos basin subsalt, with more than 10 Bbbl of light oil reserves, ... there are sedimentary basins with a total sedimentary area of near ...
29 de dez de 2013 - subsalt bonanza in Latin America's biggest economy heralded ... Brazil is still set to become the unrivalled leader in .... government's total take from the field, including taxes .... barrels of oil equivalent of reserves. But Tubarao ...
Brazil: subsalt oil development begins to make progress ...
www.platts.com/news-feature/.../brazil...subsalt/inde...
1 de ago de 2014 - Brazil: subsalt oil development begins to make progress ... The total includes Petrobras' net output, the volume produced by Petrobras on ...

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#5 macaense

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Posted 30 October 2015 - 10:25 PM

In a recent article published in a Brazilian monthly newspaper  O  TREM,  veteran journalist José Maria Rabêlo estimated that the off-shore sub-salt reserves of Brazil may surpass 200 billion barrels of oil.

 

http://engforum.prav...ed-by-macaense/


Edited by macaense, 30 October 2015 - 10:27 PM.

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#6 macaense

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Posted 21 January 2016 - 12:23 AM

Another topic was posted today......against Petrobras !  Here it is:

 

 

Is Petrobras The Riskiest Oil Stock In The World?
Jan. 20, 2016 6:46 PM ET
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2 comments
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About: Petrobras - Petroleo Brasileiro S.A. (PBR)
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary

Petrobras is the most indebted oil driller in the world, and this situation is not likely to change soon.

Petrobras is very closely monitored by the Brazilian government and Brazilian President Rousseff is more than willing to intervene in company affairs.

An eventual bailout by the government is a possibility, but even if such a bailout were to occur, investors should be careful what they wish for.

By Michael McDonald

As the stock and commodities markets continue trying to make paupers of energy investors everywhere, many investors are undoubtedly unnerved by the volatility. Yet for all of the sound and fury of the markets, many oil companies from Exxon to Devon actually remain in relatively good shape even if this quarter's earnings will be pretty rough.

That is not universally the case though - some firms are actually very risky and in the current market investors would be wise to stay away. One such example is Petrobras (NYSE:PBR). The Brazilian oil giant may be the riskiest oil major in the world right now.

Petrobras faces a variety of problems that will likely hold the company back for years and keep risk averse investors away from the story. First the company has a massive debt load - more than $125B in total. The past decade has been a relatively good time for companies to hold debt as funding costs were low and bond investors were willing to snap up virtually any new offering.

That is starting to change. With the U.S. Fed raising interest rates, capital costs around the world are likely to start slowly rising. Furthermore, investors are now starting to become more wary of bonds and concerned about defaults in the future. This volatility led PBR to cancel a recent offering, for instance.

For PBR this means major problems. The company's equity is only worth about $20B at present, and without the debt market, it's unclear how Petrobras can fund any sort of significant expansion in the future.

Unfortunately for PBR investors, they actually have relatively little clout with the company, which is the second problem with the stock. Petrobras is very closely monitored by the Brazilian government and Brazilian President Rousseff is more than willing to intervene in company affairs. For instance, Rousseff chose the current CEO of the company after management turnover following last year's corruption scandal. Add to this interventionist view, the powerful unions that Petrobras must also deal with, and it's little wonder that shareholders cannot successfully agitate for much of a change in the firm's policies.

Petrobras' stock is trading around $3 a share at this point but even that price may be too rich given the problems facing the company. The final issue that Petrobras is dealing with is the same one facing all oil companies - the low price of oil. In PBR's case though, the firm is heavily dependent on the offshore arena, and this is a particularly costly type of production. PBR is closely involved with offshore driller Ensco, and while ESV is a top quality outfit, offshore drilling is one of the least attractive production methods in the current environment.

The truth is that Petrobras faces a Herculean task in turning around the company. The corruption scandal suggested that the company has deep ethical issues that cannot be solved overnight, and the financial leverage and company oversight issues are problems that have been ingrained for years if not decades.

Much of the reason that PBR's stock still has as much value as it does is because investors are assuming that the company will be bailed out by Brazil if it's problems become too severe. It's not clear if such a bailout is even a realistic option though given Brazil's own problems.

Even if such a bailout were to occur, investors should be careful what they wish for - virtually none of the major bailouts in the financial crisis ended well for shareholders who usually found themselves diluted out of existence or with their stock outright cancelled. With that in mind, it is just possible that Petrobras' ADRs may in fact be the riskiest oil stock in the world.


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