Brazil Libra Oil Field Holds Up to 15 Billion Barrels

Brazil said its Libra field may hold “gigantic” reserves of as much as 15 billion barrels, almost twice initial estimates, which would make it the biggest discovery in the Americas in more than three decades.

Oil was found below a layer of salt at the first exploration well at the government’s field, according to an e-mail sent today by the national petroleum regulator, known as ANP. Brazil drilled to a depth of 5,410 meters (3.4 miles) at the well and may reach 6,500 meters by December, the ANP said.