Petrobras Reports Espirito Santo Oil Find to ANP

Brazilian Basins
(Click to Enlarge)

RIO DE JANEIRO (Dow Jones Newswires), Apr. 16, 2009

Brazilian state-run energy giant Petrobras notified the National Petroleum Agency late Wednesday that it had discovered traces of oil in an Espirito Santo Basin exploration well.

Petrobras' latest find was made in the offshore ES-M-590 block in the Espirito Santo Basin. Petrobras is lead operator of the block with a 60% share, while U.S. independent Anadarko Petroleum holds the remaining 40% stake.

ANP drilling data showed that the Deepwater Millenium at the site, drilling in 1,798 meters of water and targeting a total depth of 6,375 meters.

Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 48 hours. The disclosures are routine, and do not indicate commercial viability.

Copyright (c) 2009 Dow Jones & Company, Inc.

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