Petrobras Informs ANP of Oil Finds in Three Blocks

RIO DE JANEIRO (Dow Jones Newswires), October 14, 2008

Brazilian state-run energy giant Petroleo Brasileiro notified the country's National Petroleum Agency, or ANP, late Monday of three recent oil discoveries, according to the ANP's Web site.

In a routine filing with the ANP, Petrobras said that it had discovered traces of oil in the ES-T-418 block in the Espirito Santo basin, the BC-60 block in the Campos Basin and the BM-S-12 block in the Santos Basin.

The ES-T-418 block is on land, with the discovery made at an undisclosed depth.

The discoveries in the BC-60 and BM-S-12 blocks were made offshore, according to the ANP.

The BC-60 find was made at a water depth of 1,426 meters. Petrobras has been drilling several wells in the Campos Basin's subsalt layer in recent months.

The BC-60 block, also known as Parque das Baleias, was also home to a light-oil subsalt discovery that Petrobras announced in March 2007. The block also lies close to the Jubarte field. Petrobras started its first subsalt oil production at Jubarte in September.

With production of 1.5 million barrels a day, the Campos Basin accounts for more than 80% of Brazil's crude oil output. But production comes from layers above the salt, as does most current offshore production.

The find in the BM-S-12 block was made at a water depth of 470 meters, indicating that it was made in shallow waters of the Santos Basin. The Santos Basin is home to many of Brazil's promising subsalt oil reserves, including the Tupi and Iara finds.

Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 72 hours. The disclosures are routine and do not indicate commercial viability.

Petrobras shares were up 0.3% at 26.98 Brazilian reals ($12.85) as of 1620 GMT, after posting gains of more than 5% earlier in the session.

Copyright (c) 2008 Dow Jones & Company, Inc.


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