March 13 (Bloomberg) --

    Exxon Mobil Corp.'s oil discovery off the coast of Brazil may hold enough crude to rival the nearby Tupi prospect as the Western Hemisphere's largest find in three decades.

    Exxon Mobil's Azulao-1 well tapped a reservoir that could contain 8 billion barrels of recoverable oil, said Luiz Lemos, a partner at TozziniFreire Advogados, a Brazilian law firm that represents foreign energy companies with projects in the South American nation.

    The size of the discovery will intensify interest in Brazil's offshore region among U.S., European and Chinese producers amid a dwindling supply of untapped oil basins outside the Persian Gulf and Russia, said Lemos, a former general counsel for a unit of Brazil's state oil company, Petroleo Brasileiro SA.

    “This is very huge,” Lemos said yesterday in a telephone interview from Rio de Janeiro. His firm's clients include Irving, Texas-based Exxon Mobil, Norway's StatoilHydro ASA and Devon Energy Corp. of Oklahoma City.

What is the prospectus for how long it will take for this oil to start hitting refineries?  Usually takes a couple years, right?

Forget finding it, they need to find a way to get the other two-thirds that is too deep out of the ground...

Refining capacity needs to be increased.

One well does not a reservoir make.  It will probably take another five years of drilling to accurately define the size of the reservoir.  Figure a minimum of fifteen years before any meaningful production from that field.

No shortage of arm chair oilmen here, lol.

Fourbizz, with all due respect, I grew up in the oil patch. I am NOT an arm-chair oilman. I KNOW what it takes to develop a discovery and bring it to the market. LOL comments like yours simply highlight your ignorance and serve to aggravate the shirt out of people who know what they are talking about.

Its ok little mike.

You're awesome.

We know.

They should just legalize offshort drilling in the us.

Check this- A little closer to home.

http://www.usgs.gov/newsroom/article.asp?ID=1911

Check this- A little closer to home.

http://www.usgs.gov/newsroom/article.asp?ID=1911

http://www.bassresource.com/bass_fishing_forums/YaBB.pl?num=1236658974

Its ok little mike.

You're awesome.

We know.

Nothing like popping on the forums to see some good old fashioned belittling... :

Its ok little mike.

You're awesome.

We know.

Nothing like popping on the forums to see some good old fashioned belittling... :

When the "King of Belitting" is getting it right back it's ok though...