Brazilian Crude Reserves Could Double to 30 Billion Barrels (PBR)

Energy

Published: March 21, 2012 12:28 pm

Last Updated: March 21, 2012 4:36 pm

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The newly installed head of Brazil’s national petroleum regulatory agency (ANP) has said that the country’s probable reserves could double from 15 billion to 30 billion barrels in the near future according to a report at MarketWatch. ANP chief Magda Chambriard noted that only 4% of the country’s sedimentary basins are currently being explored and that the country needs to boost investment in order to realize the potential of the country’s oil wealth.

Petroleo Brasileiros SA (NYSE: PBR), or Petrobras, plans to spend $225 billion over the next few years to develop the country’s massive offshore fields. Where the company, or even the country, will get more money to seek out Chambriard’s additional barrels wasn’t specified.

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