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Petrobras may need benchmark oil prices near $60 US a barrel to profitably tap Brazil`s massive subsalt offshore finds, Cambridge Energy Research Associates (CERA) said.
"We`ve evaluated the economics and believe that (Brazil`s subsalt oil) can be developed with WTI (West Texas Intermediate) or Brent at$60," said Enrique Sira, CERA`s director for Latin America and co-author of an upcoming report on Brazil`s subsalt oil. "If all goes well, Petrobras and partners could reach a significant production level after 2019."
Petrobras and partners have found up to 14 billion recoverable barrels of subsalt oil since 2007. Brazilian officials believe the reservoirs contain 30 billion to 100 billion barrels, rivalling Europe`s huge North Sea finds of the 1970s.
But estimates vary on oil price levels needed to economically exploit Brazil`s new oil, which is located beneath five to eight kilometres of water, sand, stone and a Jurassic-era salt layer.
Read the full article here.
"We`ve evaluated the economics and believe that (Brazil`s subsalt oil) can be developed with WTI (West Texas Intermediate) or Brent at$60," said Enrique Sira, CERA`s director for Latin America and co-author of an upcoming report on Brazil`s subsalt oil. "If all goes well, Petrobras and partners could reach a significant production level after 2019."
Petrobras and partners have found up to 14 billion recoverable barrels of subsalt oil since 2007. Brazilian officials believe the reservoirs contain 30 billion to 100 billion barrels, rivalling Europe`s huge North Sea finds of the 1970s.
But estimates vary on oil price levels needed to economically exploit Brazil`s new oil, which is located beneath five to eight kilometres of water, sand, stone and a Jurassic-era salt layer.
Read the full article here.