What lies beneath
- I now publish articles that seem to go against my basic premise which is the Perfect Storm Hypothesis (see the Counter Currents category).
- Just a few days ago I published one about the Bakken Formation and some months ago, I published another about new gas discoveries off Brazil. (And here as well.)
- Here the Economist Magazine takes a second look at the Brazilian claims.
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JUST how much oil is there off the coast of Brazil? Until recently, Brazil’s oil reserves were thought to be relatively modest: about 12 billion barrels at the beginning of 2007, according to BP, or about 1% of the world’s total. But last year, Petrobras, Brazil’s partly state-owned oil firm, announced the world’s biggest oil discovery since 2000: the Tupi field, which it hopes will produce between 5 billion and 8 billion barrels. Now the head of Brazil’s National Petroleum Agency (ANP) says another nearby discovery might hold as much as 33 billion barrels, which would make it the third-largest field ever found. That alone would be enough to raise Brazil to eighth position in the global oil rankings—and there is talk of further big discoveries. But the peculiar way in which the information came to light is casting doubt on its significance.
More… 
April 18th, 2008 at 7:41 pm
Believe me . From a good source: the reserves are huge