Petrobras' Tupi Field offshore Brazil may be one of the most significant oil discoveries in the past 20 years, according to a Wood Mackenzie preliminary analysis of the development. Petrobras has estimated recoverable reserves in the area at between 5- and 8 billion barrels. "Should this estimate prove to be accurate, this would make Tupi the largest discovery since (the onshore) Kashagan in Kazakhstan in January 2000 and the largest-ever deepwater-in more than 400 meters of water-oil discovery, dwarfing previous big finds in the exploration hotspots of deepwater West Africa and deepwater Gulf of Mexico," reports Matthew Shaw, Houston-based senior Latin American analyst for the U.K.-based energy-research firm. "To put this discovery in context, Wood Mackenzie currently estimates the remaining proven plus probable (2P) oil reserves in the U.K. North Sea at just over 5 billion barrels." Please contact custserv@hartenergy.com with any questions, or call 713-260-6442.

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