100 Billion Barrels of Offshore Brazilian Oil?

A series of new oil discoveries off the Brazilian coast promise to catapult Brazil into one of the major world oil powers.

"Through crude measuring it appears that Sugar Loaf's area is about five times larger than that of Tupi," Gattass said, citing former Petrobras geologists and studies of Tupi and Sugar Loaf. "We expect the first announcements of a find over the next two months and test results between four and seven months."

... there are other similar geological formations in the Santos Basin area. The ultimate potential of the area is unknown, but potentially gigantic: a multiple of the figures being mentioned today....the potential for deep oil in offshore Brazil is but one example of the as-yet unexplored potential of other territories, such as ANWR, federal lands in the American West, and offshore in the Gulf of Mexico, where oil development is officially banned.

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The longer the price of oil remains in the over $70 a barrel range, the incentives for exploration of new fields, better production from existing fields, and more efficient refining of lower quality (cheaper) oil will all combine to extend oil supplies beyond the numbers commonly predicted.