Repsol finds major offshore oil field in Brazil

Spanish oil exploration firm Repsol YPF SA recently announced it expects to find significant deposits of oil and natural gas at a new site off the coast of Brazil, according to Bloomberg.

Along with its partner, the China Petroleum and Chemical Corp., Repsol has already opened up three offshore oil drills, with estimates placing crude oil reserves around 700 million barrels of the oil equivalent in the region. The overall size of the find could be much larger, reaching as high as 1.25 billion barrels of oil equivalent.

"Brazilian offshore is one of the areas with the highest hydrocarbon reserves growth in the world," Repsol said in a statement.

Repsol is scheduled to begin production at its first offshore oil well in Brazil next year. This well would produce potentially as much as 270,000 barrels per day.

By the end of the decade, Reuters reports that offshore oil developments are expected to produce as much as 8 million barrels per day in Brazil, potentially making it a larger oil producer than the U.S.

Offshore oil investment opportunities in Brazil are outlined in PennEnergy's Research area.

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