Investment in Brazil's oil industry yields new discovery
Date added: 24th November, 2009 at 09:33
(view all articles from November, 2009)
Categories: Natural Resources
An investment in Brazil's offshore oil industry has yielded a new discovery of hydrocarbons in a field which extends from the state of Espirito Santo to the Northern coast of Rio de Janeiro.
Anadarko Petroleum made the new find, which lies in the Wahoo North well. The US-based company said that the results would increase the chances of it undertaking a major project in the region.
Bob Daniels, the company's senior vice president for worldwide exploration, announced his satisfaction at the results, noting that they confirmed all of Anadarko's initial objectives.
"From what we've seen so far, Wahoo has the characteristics necessary to potentially become our next mega project," he said.
Mr Daniels added that it has a further 2km of drilling to carry out until it reaches the depth of a secondary test on the well.
Going into 2010, analysts at state-owned energy giant Petrobras has predicted that the Campos Basin will be capable of producing 1.8 million barrels of oil per day.
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