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August 08, 2008
More Oil Found In Brazil
I heard on the radio the find could be as much as Libya's fields
LONDON, Aug 8 (Reuters) - British gas producer BG Group Plc (BG.L: Quote, Profile, Research, Stock Buzz) said on Friday it had made a material new oil discovery off the coast of Brazil.BG said its exploration well Iara, around 230 kilometeres off the coast of Rio de Janeiro, had discovered light crude oil and was the third well to find hydrocarbons in the area. (Reporting by Jonathan Cable; Editing by Louise Ireland)
Oil's already down $2.50 this morning.
Update: Some more info. And crude's down $3.50.
Posted by Mr. Bingley at August 8, 2008 06:49 AM