Total Could Miss Out On 14 Billion Barrel Brazilian Reserves

Total’s study on the environmental impact of drilling in one
of the Amazon’s basins hit a roadblock on Tuesday when Brazilian
regulator Ibama said it rejects the validity of the efforts. The
subject of the study is an area that could contain up to 14 billion
barrels worth of oil reserves. Total has spent four years trying to
validate the estimates to determine the commercial viability of a
venture in the area, but the discovery of a sensitive coral reef
near the blocks that would be up for tender has put the
environmental approval process…

Total’s study on the environmental impact of drilling in one
of the Amazon’s basins hit a roadblock on Tuesday when Brazilian
regulator Ibama said it rejects the validity of the efforts. The
subject of the study is an area that could contain up to 14 billion
barrels worth of oil reserves. Total has spent four years trying to
validate the estimates to determine the commercial viability of a
venture in the area, but the discovery of a sensitive coral reef
near the blocks that would be up for tender has put the
environmental approval process…