Volume 2, issue #22 - 20-10-1997

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Petrobras discovers oil field

August 28, 1997 Petrobras has discovered a new oil field in the state of Rio Grande Do Norte, in the north-east of the country. The field has reserves of 9.4 million barrels of excellent quality oil and its output capacity will reach 630,000 barrels a year.
The deposit is in Apodi, 423 km east of Natal, the capital of the Rio Grande Do Norte state.
Brazil is the main consumer and importer of oil in Latin America. The country hopes to increase the oil production from 900,000 bpd, which meets 54 % of the domestic demand, to 1.5 mm bpd by the year 2000.
According to Petrobras, the total oil reserves in Brazil are 11 billion barrels.