Brazil Petrobras Reports Gas Find in BM-ES-5 Block to ANP

RIO DE JANEIRO (Dow Jones Newswires), Jan. 28, 2009

Brazilian state-run energy giant Petroleo Brasileiro (PBR) notified the country's National Petroleum Agency late Tuesday of gas finds in two separate offshore blocks, according to the ANP's Web site.

In a routine filing with the ANP, Petrobras said it had discovered traces of gas in the BM-ES-5 block in the Espirito Santo Basin and the BCAM-40 block in the Camamu Basin.

The BM-ES-5 find was made at a water depth of 60 meters, according to the ANP. Petrobras previously announced a similar find in the same block in December. Petrobras is lead operator of the block with a 65% stake, while the Brazilian unit of El Paso Corp. (EP) has a 35% stake.

In addition, the BCAM-40 discovery was made at a water depth of 295 meters. Petrobras is also lead operator of the block with a 35% share. Local oil company Manati has a 45% stake, while Brasoil Manati Exploracao Petrolifera and Rio das Contas Produtora de Petroleo each hold a 10% share.

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.  

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

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