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Brazil's oil reserves may soon double

Friday, 23 March 2012 | 11:00
Brazil's probable oil reserves may jump to 30 billion barrels in the near future, from 15 billion at present, the new president of Brazil's oil regulator ANP said.
At present only 4% of Brazil's sedimentary basins, which potentially hold oil, are being researched, said Magda Chambriard, taking office as ANP president in Rio de Janeiro. Further investments in the sector need to be encouraged to help boost Brazilian industrial development, said Chambriard, the first woman to head up the ANP.
ANP is working on a system of "intelligent supervision" of operations in the oil exploration, production, refining and distribution areas, Chambriard said. This will involve striking partnerships with other public sector bodies to ensure efficient supervision of all areas, including environmental control, she said.
Source: Market Watch
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