'prospective new sources have also factored into future supply assessments and, accordingly, into prices. Playing a large role in this part of the story is a major South Atlantic find made by Brazil's Petrobras oil company. This Lula field, as it is called, has the potential to add the equivalent of 6.5 billion barrels to known global oil and gas reserves, 13 billion barrels when combined with other new Brazilian fields. When fully developed, these sources should pump the equivalent of 4 million barrels of oil a day onto would markets, a 5.2 percent addition to current global flows. More recently, Australia has announced a shale find that its engineers estimate could increase known global reserves 12 percent. The find is too new yet to yield estimates of production flows. Preliminary Exxon drilling in Russia's arctic had reported good prospects, though such activity has all but stopped because of the economic sanctions imposed on Russia. Potentials have also gained from the possibility that new conventional extraction technologies will spread from North America to other parts of the world. Russia, engineers estimate, could increase production by 50 percent in this way, even in the absence of any new finds.'
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