RIO DE JANEIRO, Jan. 2 (Xinhua) -- Brazil's state-owned oil company Petrobras said Wednesday its newly discovered oil reserves located in deep waters off the nation's southeastern coast are economically viable even if oil prices fall below 35 U.S. dollars per barrel.
An executive of the company who participated in the exploitation project of the Tupi oilfield in the Santos Basin off the coast of Rio de Janeiro and Sao Paulo states, said Petrobras has achieved significant progress in developing the technology required for tapping the reserves.
The executive, who asked to remain anonymous, said geologists had estimated that with the best technology costs would be lower than 20 dollars per barrel to drill oil from the Tupi field, located at a depth of approximately 7,000 meters.
Even if international oil prices drop to 35 dollars per barrel, the new field, whose reserves have been estimated at five billion to eight billion barrels, would be economically viable, according to the executive.
However, the executive added that it is possible that other fields similar to Tupi may turn out even more promising results. Aregion that has been temporarily called "Pao de Acucar" (Sugar Loaf), might yield even higher quantities of reserves.
A statement released by bank Credit Suisse's analyst Emerson Leite highlighted that the Pao de Acucar region might have reserves of 12 billion to 24 billion barrels of crude oil.
Brazil's proven reserves currently amount to 13 billion barrels.
An executive of the company who participated in the exploitation project of the Tupi oilfield in the Santos Basin off the coast of Rio de Janeiro and Sao Paulo states, said Petrobras has achieved significant progress in developing the technology required for tapping the reserves.
The executive, who asked to remain anonymous, said geologists had estimated that with the best technology costs would be lower than 20 dollars per barrel to drill oil from the Tupi field, located at a depth of approximately 7,000 meters.
Even if international oil prices drop to 35 dollars per barrel, the new field, whose reserves have been estimated at five billion to eight billion barrels, would be economically viable, according to the executive.
However, the executive added that it is possible that other fields similar to Tupi may turn out even more promising results. Aregion that has been temporarily called "Pao de Acucar" (Sugar Loaf), might yield even higher quantities of reserves.
A statement released by bank Credit Suisse's analyst Emerson Leite highlighted that the Pao de Acucar region might have reserves of 12 billion to 24 billion barrels of crude oil.
Brazil's proven reserves currently amount to 13 billion barrels.
