Oil Reserves Discovered Off Coast of Brazil

Aerial view of La Muralla IV exploration oil rig, operated by Mexican company 'Grupo R' and working for Mexico's state-owned oil company PEMEX, in the Gulf of Mexico on August 30, 2013. The semisubmersible platform is able to drill to a depth of 10.000 meters in an enviroment such as the Gulf of Mexico. AFP PHOTO/OMAR TORRES (Photo credit should read OMAR TORRES/AFP/Getty Images)
National Journal
Clare Foran
Oct. 24, 2013, 9:37 a.m.

Ac­cord­ing to Brazil’s Na­tion­al Pet­ro­leum Agency, vast oil re­serves have been dis­covered near the coast of Ser­gipe, a state on the north­ern At­lantic coast of Brazil, the As­so­ci­ated Press re­ports.

Data has not yet been re­leased to in­dic­ate the amount of re­cov­er­able oil con­tained in the re­serves, and agency dir­ect­or Mag­da Cham­briard said the fig­ures would not be made pub­lic un­til 2016 or later.

The news fol­lows Monday’s auc­tion of rights to a ma­jor Brazili­an oil field off the coast of Rio de Janeiro to a num­ber of for­eign bid­ders, in­clud­ing European oil gi­ant Roy­al Dutch Shell and Chinese en­ergy com­pan­ies Cnooc and China Na­tion­al Pet­ro­leum.

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