Total Could Miss Out On 14 Billion Barrel Brazilian Reserves

30 Aug 2017   Brazil

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 in limbo. “At this point, the environmental licensing process is still underway,” a Total spokesperson said in an emailed statement to Reuters. Ibama says it seeks additional information on how Total plans to keep the area’s wildlife safe from the polluting effects of oil extraction in the area. “Oil dispersion modeling, for example, can […]

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