Brazil’s President Jose Sarney announced the discovery...

Brazil’s President Jose Sarney announced the discovery of a massive oil deposit in Brazil’s far northern region that he said could be as large as Europe’s North Sea reserves. “We are certain we have found a region as rich in oil as Britain and Norway’s North Sea,” Sarney said. He did not give figures about the actual amount of oil thought to be in the zone. The remaining proven reserves of oil in the British continental shelf amount to 750 million metric tons, while the total remaining reserves could be as high as 4.12 billion metric tons. Brazil’s state-run Petrobras oil company and, under a risk contract, Texaco, have been exploring the Marajo Island region in Para state, near the mouth of the Amazon River. However, about a month ago Brazil suspended its risk contract with Texaco, which nevertheless has continued to drill in the region.