Energy

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

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…

By Paul Ausick
Published March 21, 2012, 12:28pm ET · 1 min read

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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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Paul Ausick

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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