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There’s an Awful Lot of Oil in Brazil
The potential of Brazil to become one of the biggest oil producers in the world was highlighted today when BG – the former exploration arm of British Gas – reported a “supergiant” field with up to two billion barrels of recoverable reserves.
The Guara discovery builds on a series of other major successes in very deep waters off Brazil and dwarfs rival strikes such as Tiber in the US Gulf which was announced with great fanfare by BP last week.
The Brazilian oil rush not only undermines claims that the world may run out of oil soon but threatens to upset the political balance in Latin America where Hugo Chávez’s Venezuela has held sway as the continent’s dominant energy provider.
The Guardian: ‘BG’s Brazilian oil find will ‘dwarf’ BP’s strike in the US Gulf Coast’
H/T Benny Peiser’s CCNet