Brazil’s prospects of becoming a top oil producer increased on Wednesday when it emerged that an offshore field being developed by BG could be twice the size of a discovery reported by BP last week in the Gulf of Mexico. Petrobras, the national oil company, reported that the Guará field contained the equivalent of 1.1bn-2bn barrels of recoverable oil and gas. BP’s Tiber field, which BP called a “giant” discovery last week, is thought to contain 500m-1bn recoverable barrels. The news from Petrobras boosted shares in BG by 4% and in its partner in the Guara develpment, Repsol of Spain.

This entry was posted by Gwen Robinson on Thursday, September 10th, 2009 at 4:58 and is filed under Capital markets, Commodities. Tagged with BG, bp, petrobras. Edit this entry.