Brazil Petrobras Reports Offshore Oil Find In BM-S-7 Block
August 03 2009 - 9:33AM
Dow Jones News
Brazilian state-run energy giant Petroleo Brasileiro SA (PBR)
notified the country's National Petroleum Agency late Friday that a
wildcat well in the Santos Basin tested positive for oil.
Petrobras said that the 9BRSA741SPS well in the BM-S-7 block
showed traces of oil. The prospect was drilled by the Pride South
Atlantic rig to a target depth of 4,625 meters, according to ANP
drilling data.
The BM-S-7 block also contains the Piracuca discovery, estimated
to hold light oil and natural gas reserves of about 550 million
barrels of oil equivalent. The announcement was made in April by
Petrobras and Spain's Repsol YPF (REP), which declared the field
commercially viable.
Petrobras holds a 63% stake in the block, while Repsol holds
37%.
Oil companies operating in Brazil must inform the ANP of
indications of oil, gas or hydrocarbons in any exploratory well
within 48 hours. The disclosures are routine, and do not indicate
commercial viability.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com