Largest Oil Discovery in 30 Years?!?
I'm surprised that this news hasn't received more press: Brazil may have new supergiant oil find. Petrobras announced today that it may have found the world's largest oil discovery in 30 years off of the coast of Brazil. The new deepwater field, called Carioca, could contain as much as 33 billion barrels of oil equivalent. To put this in perspective, the Tupi offshore field was huge news when Petrobras announced its discovery last year. If reports of the size of the Carioca field are accurate, it would be five times the size of Tupi. For some reason, the Tupi find seemed like it received more press than this one. Huh. Shares of Petrobras soared today, up over 8%.
In addition to being great news for PBR, this discovery is also likely very bullish for deepwater drillers given the tight supply of rigs, particularly ones that are capible of doing deepwater drilling, and perhaps even bullish for the Brazillian economy in general.
In other news, Oil finishes at another record - $111.76