Can't we send a submarine there to go and plant the European Union flag on the sea bed or something?BRASILIA: Brazil?s announcement that it has found new oil reserves maybe vast enough to give it OPEC-style clout is certainly good long-term news for its economy and the state-controlled oil giant Petrobras.
But Brasilia shouldn?t be looking to elbow its way alongside neighbor Venezuela or the petro-rich Arab countries anytime soon, analysts warned.
That?s because the precious oil and gas deposits lie deep undersea way off Brazil?s southeast coast ? making recovery a costly and time-consuming prospect.
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Petrobras said other tests were still underway on a nearby zone that could prove even bigger.
Hic... at least they managed to have a bit of a knees up. Just need to find someone to do all the hard work now.The news sent the shares in Petrobras ? and in British energy group BG and Portugal?s Petrogal-Galp Energia, which are its minor partners in exploiting part of the Tupi field ? soaring. But by Friday, the celebrations quieted a little as thought was given on how to get at the oil.
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So I wonder what impact this might have on Brazil's ethanol industry? With so much money to be made from exporting the stuff, will it be tempting to keep the ethanol fuel infrastructure in place? Or will there be all sorts of internal pressures to flow most of that nice light oil towards their own domestic markets?Schaeffer said the Tupi find would likely mean Brazil would become independent in terms of oil production, no longer needing to import, he said. But for it to become an exporter, the possible reserves in the second area will have to be confirmed.
