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Lightning struck again in the Santos Basin offshore Brazil, when state-owned oil company Petroleo Brasileiro SA (Petrobras) announced on January 21 that a huge pre-salt natural gas and condensate field was found in Block BM-S-24.
According to some experts, the size of the new reserve, dubbed Jupiter, could match the giant pre-salt Tupi Field discovery disclosed in November 2007 in Block BM-S-11. Petrobras estimates that Tupi’s recoverable 5-8 billion boe will move the country into the top category of oil producers.
Oil analyst Marc McCarthy at Bear Stearns said Jupiter could turn Brazil into a natural gas exporter, which is “bad news for Bolivia.” That neighboring country supplies about 50% of the nearly 1.6 Bcf (46 MMcm) of gas Brazil consumes every day.
Petrobras reduced investments in Bolivia due to the nationalization of the oil and gas sector there in 2006. Compensation was negotiated for two refineries the company lost in Bolivia.
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