Petroleo Brasileiro SA's offshore Carioca prospect may hold 33 billion barrels of oil, enough to supply every refinery in the U.S. for six years, making it the third-largest oil field ever discovered.
Additional wells must be drilled to develop a "more conclusive'' estimate, the Rio de Janeiro-based company said. Only Saudi Arabia's Ghawar and Kuwait's Burgan fields are bigger: Ghawar holds as much as 83 billion barrels of crude, while Burgan has up to 72 billion. Petrobras, as the company is known, rose almost 6 percent. The whole area off the coast of Brazil is becoming a new oil province. The Carioca field, also known as BM-S-9, is located beneath a layer of salt in the deepwater Santos Basin off Brazil's southeastern coast, where Petrobras in November announced the discovery of the 8 billion-barrel Tupi field. It is part of a major transformation of Petrobras, which could lead to it becoming a much larger company in terms of production and reserves over the next 5-10 years. The field is 45 percent-controlled by Petrobras.
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