Once Again Brazil Finds Light Oil Under the Deep Atlantic Sea

Petrobras offshore Brazil's state-run oil multinational Petrobras announced, this Thursday, December 20, the discovery of another field oil in the pre-salt region of the Santos Basin, off the Brazilian southeast coast.

The finding contains light petroleum and is located 280 kilometers (174 miles) from the shore at a depth of 5,350 meters (17,552 feet).  The oil company, however, still doesn't know how big the new field is.

The discovery was made by the consortium made up by Petrobras (80%) and Galp Energy (20%) for exploration of the block BM-S-21.

In a note released to the press, Petrobras announced that, "The consortium will give continuity to the activities and investments needed to verify the field's dimensions, as well as the oil reservoirs characteristics. And it is working out the Discovery Evaluation Plan to be filed with the ANP (National Oil Agency), as contemplated by the Concession Contract."

In November, Petrobras had announced it had found the Tupi oil megafield, also in the Santos Basin, with estimated reserves between 5 billion and 8 billion oil barrels.

Petrobras has also just announced that it will invest US$ 54.8 billion in exploration, production, commercialization and refinement of oil and natural gas in the first year of its Business Plan for the five-year period from 2008 to 2112.

Of that total, 87.6% will be deployed in the company's activities in Brazil, and 12.4% in foreign investment.

Out of the total value to be invested, the exploration and production field will hold the largest share, US$ 25.9 billion; supply will receive US$ 14.3 billion; gas and power, US$ 5.6 billion; and distribution, US$ 781 billion.

Another US$ 1.4 billion will be invested in the company's corporate sector, whereas the international field will receive an investment of US$ 6.8 billion.

The figures were taken from the report Perspectives for 2008 and Main Achievements in 2007, disclosed December 19 by Petrobras.

Gas Hub

Petrobras is negotiating with the Peruvian government the construction of a gas hub in the South Coast of Peru, with the same dimensions as the existing one in Rio de Janeiro, so as to use natural gas from the Camiséia field.

Nestor Cerveró, the International director of Petrobras, informed that the option for the South Coast was made by the Peruvian government itself, and aims at promoting the development of the region, regarded as one of the country's poorest.

"The project is still under analysis, including economic feasibility studies. The choice of the South Coast was a decision of the government itself, as a means for developing the region. But the project will be made viable with already existing gas that already exists [in the Camiséia field], which is more than sufficient to make the project viable, but the extent to which each country will participate in the enterprise is still under negotiation," said the director.

Cerveró asserted that the enterprise, which should count on the participation of Petroperu, the Peruvian state-owned oil company, might also have as its partner Bransken, a group that operates in partnership with the Brazilian state-owned oil company in petrochemical projects under development in the country.

Bzz/ABr

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