Petrobras’s Tupi, Iracema Oil Reserves Beat Estimates
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Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said that two deepwater oil fields hold 8.3 billion barrels of recoverable crude, exceeding previous estimates.
The Lula field in the Tupi area has 6.5 billion barrels of recoverable oil and equivalents and the Cernambi field at Iracema holds 1.8 billion barrels, Rio de Janeiro-based Petrobras said in a regulatory filing today. That compares with a previous estimate of a combined 5 billion to 8 billion barrels. Petrobras declared the two areas off Brazil’s southeastern coast commercial after drilling 11 wells.