Brazil said the government’s Libra field may hold “gigantic” reserves of as much as 15 billion barrels, almost twice initial estimates, which would make it the biggest discovery in the Americas in more than three decades.
A deposit of 15 billion barrels would be almost twice the size of state-controlled Petroleo Brasileiro SA’s nearby Tupi field, would eclipse Brazil’s total current reserve base and also be the biggest find in the Americas since Mexico discovered Cantarell in 1976. Deepwater fields in Brazil’s so-called pre- salt region have yielded the largest discoveries outside the Middle East in the past decade.
Oil recovery using carbon dioxide could lead to production of an extra 3 billion bbl of oil in the North Sea according to a new study published by an academic energy expert.
“Enhanced recovery of oil in the North Sea oil fields can secure our energy supplies for the next 50 years,” said Jon Gluyas, a professor of carbon capture and storage at the UK’s Durham University.
US experience shows an additional 4-12% of oil in place can be extracted using CO2 EOR. Using the US model, Gluyas calculated total oil in place in the UK fields and the potential UK gain in barrels and revenue from existing reserves.