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Brazil Prepares Discovery Assessment Plan on New Oil Field Find

Petrobras off shore rig in Brazil Once again Brazil's government managed oil and gas corporation Petrobras announced the presence of oil traces in pre-salt reservoirs, in ultra deep waters off shore São Paulo in the Santos Basin.

"Preliminary analyses indicate oil gravity is between 25 and 28º API, comparable to that of the other pre-salt oils found in the Santos Basin," said an official release from Petrobras. The well was drilled in block BM-S-8 by a consortium formed by Petrobras (66%, operator), Shell (20%), and Galp Energia (14%) from Portugal.

The pioneer well is located some 250 km (155 miles) off the coast of the state of São Paulo, at 2,139 meters (7,018 feet) from the water line. Drilling was completed on May 18, at a depth of 6,773 meters (22,221 feet) and the discovery was proved via an oil sampling by means of a formation test in reservoirs situated at a depth of nearly 6,000 meters (19,000 feet).

The Consortium is preparing a Discovery Assessment Plan to be sent to the Brazil's ANP (Agência Nacional do Petróleo – National Petroleum Agency), as provided for in the Concession Agreement, giving continuity to the investment activities for block BM-S-8, concludes the release.

The discovery is close to the Tupi deposit, which according to Petrobras has reserves equivalent to 8 billion barrels. When the discovery was announced last November it was described as the largest deposit find in the western hemisphere since the Cantarell deposits in the Gulf of Mexico back in 1976.

Earlier this week the Brazilian press indicated that Petrobras with a market value of US$ 295.6 billion had surpassed Microsoft, which has a market value of US$ 274 billion. Petrobras automatically became the third largest corporation in the Americas behind ExxonMobil Corp. (US$ 489 billion) and General Electric Co. (US$ 320 billion).



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