Petrobras uncovers more oil in pre-salt basin
Date added: 24th November, 2008 at 09:27 (view all articles from November, 2008)
Categories: Natural Resources
Brazilian oil giant Petrobras has announced the discovery of two billion barrels of light oil in the north of the pre-salt Campos Basin off the coast of Espirito Santo.
The oil was found following the digging of two wells in Parque das Baleias and takes the estimated total find for the area up to 3.5 billion barrels, Brazzil Magazine reports.
Six wells have been drilled so far and oil has been uncovered in each one. The two latest finds are about 80 kilometres off the coast of South East Brazil and are more than 4,000 kilometres below sea level.
Petrobras stated: "The recoverable volume of discoveries, made in pre-salt reservoirs below the heavy oil fields of Baleia Franca, Baleia Azul and Jubarte, is estimated to be among 1.5 billion and two billion barrels of oil equivalent."
According to the Financial Times, Petrobras has not lent its support to estimates from Brazil's government that the pre-salt fields could contain more than 100 billion barrels of oil.
However, the organisation - which posted record net profit for the third quarter of 2008 earlier this month - implied that the new discoveries may suggest there is more oil in the region than had been initially expected.
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