Petrobras to Drill Second Well at Iran's Tusan Block

RIO DE JANEIRO Sep 11, 2007 (Dow Jones Newswires)

Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, will soon drill a second well at a Persian Gulf block off the coast of Iran, International Director Nestor Cervero said.

Petrobras has already drilled one well at the Tusan block, Cervero said at a press conference here Monday afternoon.

So far, there was no "confirmation" of oil at Tusan, Cervero said.

Petrobras continues drilling in Iran despite concerns by the U.S. government, which is attempting to isolate Iran economically in order to force it to give up its nuclear enrichment program.

Also, several U.S. pension funds that have investments in Petrobras have asked it and other oil firms to reconsider their investments in Iran.

Iran in June said it was in advanced talks with Petrobras to help the Islamic republic undertake the first exploration of its deep offshore Caspian Sea waters.

If a deal can be reached with Petrobras to develop a pair of oil blocks in the Caspian, it may eventually require $2 billion of investment to develop, Iran has said.

Copyright (c) 2007 Dow Jones & Company, Inc.

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