Brazil could have enough oil to supply the world five yearsStaff writer ▼ | August 15, 2015
Brazil's Subsalt Polygon, the offshore area that has already yielded some of the world's largest recent oil finds, may hold enough oil and gas to supply the world's current oil needs for more than five years, researchers said.
Energy According to a new research:
That is more than four times the 30 billion to 40 billion boe already discovered in the area.
“This is a conservative estimate with a high probability of coming true, 90% in fact,” Jones said.
“In theory, total undiscovered, recoverable resources in the Subsalt Polygon could be as high as 273 billion barrels, but the higher number only has a statistical certainty level of 10%”.
Subsalt refers to oil trapped far beneath the Earth's surface or seabed by a layer of mineral salts. The Polygon is a Brazilian legal district that covers an offshore area near Rio de Janeiro and Sao Paulo where Brazil already extracts about 85% of its oil and gas.
The INOG's estimate is the only major public assessment of the Subsalt Polygon's potential. The 2015 estimate is 54% bigger than the INOG's 2010 estimate of 114 to 288 billion boe.
That survey put the probability of the lower estimate at 90% and the higher outlook at 10%. ■