Oil reserves in Brazil now at 10.6 bn barrels

Feb 18, 2004 01:00 AM

Oil reserves in Brazil reached 10.6 bn barrels in 2003, up from 4.98 bn barrels in 1993.
The increase reflects intense exploration activities, mainly by federal energy company Petrobras, in the Campos basin, the country's main oil producing region.
In 2002, Brazil imported 9.4 % of its oil and oil derivative needs, down from 48.6 % in 1993. The Espirito Santo basin holds the second largest reserves, accounting for 6.3 % of total reserves in 2002, up from 0.9 % in 2001.
Petrobras recently announced proven oil and gas reserves of 12.9 bn barrel of oil equivalent in Brazil.

Source: Reports
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