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Brazil's Petrobras Makes Fourth Find in Sergipe-Alagoas Basin

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Petroleo Brasileiro or Petrobras, said Wednesday that it has made another discovery off the coast of northern Brazil, a series of finds that could boost interest in the region ahead of a concession auction in 2013.

The state-run energy giant company said it found light oil in the Muriu well drilled off the coast of Sergipe state in northern Brazil, the fourth such discovery in the ultra-deep waters of the Sergipe-Alagoas Basin so far in 2012. Oil also was found in the Moita Bonita, Barra and Farfan prospects earlier this year.

Brazil has been keen to expand offshore exploration further north after discovering billions of barrels of crude oil trapped beneath a thick layer of salt off the country's southeast coast. Geologists believe the country's northern coastal region could hold similar reserves to those found off the west coast of Africa in recent years.

The relatively little-explored offshore areas of northern Brazil are expected to be a focus in the country's 11th auction of offshore concessions set for May 2013. While the exact blocks on offer have not yet been released, previous plans for the bid round included blocks in Brazil's so-called equatorial margin. The region has drawn the attention of oil companies after Tullow Oil (TLW.LN) made the Zaedyus discovery off the coast of French Guiana in 2011.

 

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

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