Petrobras Oil Reserves Likely to Swell on Iara Field.
Sept. 11 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, said its Iara offshore field contains 3 billion to 4 billion barrels of oil, its second giant find in a year and enough to supply the country for five years.
The assessment released yesterday is the first estimate of recoverable oil from the discovery announced Aug. 11. Petrobras, as the Rio de Janeiro-based company is known, said in January its Jupiter field in the same region contained gas quantities similar to its Tupi area, the largest oil find in the Americas since 1976.
Iara is in the Santos Basin to the north of Tupi, a 5 billion- to 8 billion-barrel field announced in November. If confirmed, Iara and Tupi, which sit in non-adjacent parts of the same exploration block, could almost double Brazil's 12.6 billion barrels of proven oil reserves, according to BP Plc. Petrobras preferred stock gained the most in three weeks.
``It's still a huge field and bigger than almost anything around,'' Ted Harper, senior research analyst with Frost Investment Advisors in Houston, said by telephone. The company manages the equivalent of $2 billion of stocks and bonds, including Petrobras, Harper said.
Iara is operated and 65 percent owned by Petrobras.