Brazil has proven second-largest oil reserves in South America

According to recent reports from Latin American media, Brazil's National Petroleum Agency has revealed that as of the end of last year, the country's proven oil reserves reached 12.623 billion barrels—a 3.6% increase compared to the end of 2006. This places Brazil second in South America in terms of oil reserves, just behind Venezuela. In addition, Brazil's proven natural gas reserves have also seen significant growth, rising by 4.9% since 2006 to reach 364.9 billion cubic meters. These reserves now rank second in the region, following Venezuela, Bolivia, and Argentina. The majority of these newly discovered reserves come from the Campos Basin, located in the waters off Rio de Janeiro in southeastern Brazil. The basin spans over 100 square kilometers and currently accounts for 80% of Brazil’s total daily oil and gas production, which stands at around 2 million barrels per day. This makes the Campos Basin a crucial energy hub for the country. In December 2007, Petrobras, Brazil's state-owned oil company, announced the discovery of the Tupi Oil Field in the deep-sea area off the coast of southeastern Brazil. The field is estimated to hold between 5 and 8 billion barrels of oil, making it one of the largest oil discoveries in the world in the past three decades. Despite its significance, the reserves from the Tupi Oil Field have not yet been officially included in Brazil's proven reserve figures. This could change in the future as exploration and extraction efforts continue. These developments highlight Brazil's growing importance in the global energy market and its potential to become a major player in both oil and natural gas production. With continued investment and technological advancements, the country is well-positioned to expand its energy resources further in the coming years.

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