Brazil's Proven Reserves Soared In 2010

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Brazil, the second-largest oil producer in South America behind Venezuela, said its 2010 proven oil reserves rose nearly 11% 13.986 billion barrels after the country factored in the pre-salt fields such as Lula into the count. The increase is the largest in eight years for the country.

Brazil's natural gas reserves surged 15.4% in 2010 to 416.95 billion cubic meters. That is good for the largest increase in gas reserves since 2004. Brazil's total oil reserves, including proven, probable and possible reserves, meanwhile jumped to 26.93 billion barrels on Dec. 31, 34.7% up on the previous year and the biggest gain since 2000, the Wall Street Journal reported, citing Brazil's oil regulator, ANP.

The oil count includes other pre-salt fields in Brazil's oil-rich Santos Basin. Petrobras (PBR), Brazil's state-run oil company, declared the Lula field, formerly known as Tupi, as commercially viable in December. The field, discovered in 2006, was the biggest oil find in the Americas in three decades.

Also included in the count are reserves at projects designed to increase capacity at the Albacora Leste, Maromba, Marimba, Marlim Sul, Marlim Leste and Roncador fields in Campos Basin and at the Leste de Urucu concession in the Solimoes Basin, according to the Journal.