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Brazil has rejected an invitation by Iran to join the Organization of Petroleum Exporting Countries (OPEC), Brazilian Energy Minister Edison Lobao said Sept. 3. With its major new oil discoveries, Brazil is on the cusp of becoming a top dog in the world oil-producing scene. But Brazil needs a great deal of technological and financial assistance to fully exploit its newfound wealth — and OPEC membership would effectively eliminate chances for that assistance.
Brazil’s rise to stardom in the energy industry began with the discovery of new oil and natural gas deposits in the Campos Basin, off the coast of Rio de Janeiro. The Tupi field alone is estimated to hold between 5 and 8 billion barrels of oil, and although estimates for the Jupiter natural gas field have not been finalized, the prognosis looks good. The most optimistic estimates for Brazil’s potential oil wealth put reserves over 50 billion barrels of oil. This would make Brazil one of the world’s top 10 oil-producing countries.
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