Brazil will be
responsible for some of the world's largest increases in oil production in the
coming decades. Advances in seismic imaging have enabled the discovery of
offshore "pre-salt" deposits of oil in Brazil's Campos and Santos
Basins (Figure 1). These pre-salt fields, so-called because they lie
under massive layers of salt, are located 18,000 feet below the ocean floor
under more than 6,000 feet of salt. Brazil already produces 2.1 million
barrels per day (bbl/d) of crude oil and lease condensate, yet just became a
net exporter in 2008. Pre-salt development, coupled with the ability to
meet a large share of domestic demand with biofuels, is projected to transform
the country into a major oil exporter.
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