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Petrobras spends $1B on ultra-deep wells

Petrobras spends $1B on ultra-deep wells

Brazil's state-run oil company says it has spent US$1 billion on exploratory oil wells since 2005 in an offshore area that could hold as much as 55 billion barrels of crude.
Petroleo Brasileiro SA executive Antonio Carlos Pinto says the cost of drilling in the ultra-deep area off Rio de Janeiro's coast has dropped significantly since test drilling began.
Pinto said Friday that large-scale production in the area is expected to begin in 2012.
A prominent Brazilian geologist said earlier this week that the area could hold as much as 55 billion barrels. Petrobras has declined to issue estimates. But government officials say development of the area could turn Brazil into a major oil exporter.


Updated : 2021-05-09 12:35 GMT+08:00