Petrobras Strikes Oil, Natural Gas in Amazon Forest

RIO DE JANEIRO - Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, said late Friday that it had discovered a new accumulation of oil and natural gas in a remote region of the Amazon rainforest.

Petrobras said it made the discovery in the Solimoes Basin, about 25 kilometers from the Urucu field that has been producing for 25 years. Testing showed the well, dubbed Igarape Chibata East, was capable of producing 1,400 barrels of light oil and 45,000 cubic meters of natural gas per day.

Friday's announcement was the second discovery made in the SOL-T-171 block, Petrobras said. "If the economic viability of the discoveries is confirmed, a new oil and natural gas field in the Solimoes Basin will be created," Petrobras said.

Petrobras holds a 100% stake in the block.

Copyright (c) 2012 Dow Jones & Company, Inc.


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