Brazilian Gas Discovery Much Larger Than Initially Reported

Reports: Brazilian Gas Discovery Much Larger Than Initially Reported
The Associated Press
Published: Sep 4, 2003

SAO PAULO, Brazil (AP) - The largest natural gas reserves ever discovered in Brazil hold more than five times the amount initially reported, Brazilian newspapers said Thursday.
Brazilian oil giant Petrobras said in April that the reserves were estimated at 70 billion cubic meters of gas, but raised the estimate to 400 billion cubic meters after performing additional tests, Petrobras executives told the O Estado de Sao Paulo and Folha de Sao Paulo newspapers.

The well is located in the Santos Basin off the country's southeastern coast. Brazil, a traditional oil importer, has raised production with offshore finds and expects to reach oil self-sufficiency by 2005.