Chinese-Spanish venture makes oil find in Brazil

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IANS/EFE | 28 Feb, 2012
Chinese-Spanish oil venture Repsol Sinopec Brasil has made a new oil find in Brazil's deepwater Campos Basin, with the discovery offering one of the heaviest accumulations of crude in the South American country, the company said Monday.

The Pão de Açucar well is in block BM-C-33 in 2,800 meters of water and initial estimates are that it contains a large quantity of petroleum.

Tests indicate that the well could produce 5,000 barrels per day (bpd) of light crude and 807,349 cubic meters per day of natural gas.

Repsol Sinopec Brasil and Norway's Statoil have 35 percent stakes in the project, while Petrobras has a 30 percent interest.

The partners plan additional work to confirm the size of the discovery, the company said.

Block BM-C-33 has produced discoveries at Pão de Açucar, Seat and Gavea, with the latter considered one of the 10 biggest oil finds in the world in 2011.

The three wells show the tremendous potential of the Campos Basin and could confirm the existence of a large amount of hydrocarbons in the Santos Basin, the oil company said.

Repsol Sinopec Brasil was formed in late 2010 by Spain's Repsol, which has a 60 percent stake in the joint venture, and China's Sinopec, which owns a 40 percent interest, to work on exploration and production projects in the South American country.