Brazil Strikes Light Oil Under 2 Kms of Salt

Petrobras, Brazil’s state-owned oil company, confirmed  in a press statement, the existence of light oil in an area of Santos Basin, in the southeast of the country, located under a two-kilometer thick layer of salt.

The discovery had already been announced by the company in July, and was confirmed yesterday, October 4, after a test well was drilled, proving that the oil is good quality and that the volume is significant.

The discovery is of great significance as it is the first time an oil company discovers oil and gas below a layer of salt, which, in the evaluation of specialists, may open a "new exploratory frontier".

According to the statement, the test executed on a vertical well showed a flow of 4,900 barrels of oil and 150,000 cubic meters of natural gas per day. The block is operated by Petrobras (65%) in a consortium with BG (25%) and Petrogal (10%).

The company admitted the need for additional investment, initially for the drilling of the first extension well, for the complete evaluation of the volume of the oil reserves found.

The discovery is within the scope of the state-owned company’s priority of investing in exploration and production in areas with a potential for discovery of light oil and natural gas, included in the company’s Business Plan, which forecasts investment of over US$ 80 billion in the period between 2007 and 2011.

Tags:

You May Also Like

Book Condemning Witchcraft Banned by Brazilian Court for Prejudice

A judge in the state of Bahia, Brazil, has ordered the confiscation of a ...

Brazil Is World’s 6th Textile Producer But 42nd Exporter

The director of the Brazilian Textile and Clothing Industry Association (Abit), Fernando Pimentel, is ...

Brazil’s House Starts Second Suit to Remove Congressman Who Blew the Whistle on the PT

The Ethics Council of Brazil’s Chamber of Deputies notified deputy Roberto Jefferson (PTB – ...

Chavez Shoots Back in Word War with Brazil and Threatens to Leave Mercosur

Venezuelan president Hugo Chavez said he's willing to withdraw his country's request to become ...

Tales of 1001 Arabic Words in the Portuguese Language

An Arab named Tarif Bem Amer set up a fiscal stop in a little ...

White House spokesman Tony Snow

Bush Wants Brazilians to Know He Hasn’t Forgotten His Neighbors Down Under

President Bush is expanding U.S. aid for education, health care, housing and other programs ...

The Right Prescription

Like the United States and the world’s richer nations Brazil—with much cunning, lots of ...

Brazilians Vote in Lula But Call His Administration Second Most Corrupt

Brazilian President Luiz Inácio Lula da Silva administration is the second most corrupt in ...

Chavez and Zapatero in Brazil’s World Social Forum

Venezuelan President Hugo Chavez will participate in the World Social Forum in the southern ...

There Are Already More than 140 Million Cell Phones in Brazil

With Brazil in the lead, ten Latin American countries concentrate 388 million cellular phone ...