Brazil Becoming Major Energy Plays as it Discovers Another New Oil Field

Brazil Oil

Brazil's future continues to look bright in the energy sector, as another oil field discovery in the pre-salt region confirms the estimations of between 60 billion to 150 billion barrels of recoverable oil are waiting to be extracted.

The latest oil field discovery called Guara, is also the result of new techniques used which can now find oil under the covering salt on the ocean floor, which in the past wasn't able to be done. Up to 2 billion barrels of oil are estimated for the latest finding.

Brazil is now the leading energy producer in the region, as Hugo Chávez continues to decimate the Venezuelan economy through his socialist practices. Brazil emerging as the leading energy producer in the region is great news for all who live there, as well as everyone in the western hemisphere.

Another conclusion that could be made is this could undermine the peak oil theory, and contribute to the idea that there are still vast recoverable oil reserves yet to be tapped into around the world.

Brazil Oil