Galp Reports Potiguar Oil Find to Brazil's ANP

Potiguar and Camamu-Almada Basins - Braz
(Click to Enlarge)

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

The Brazilian unit of Portugal's Galp Energia SGPS SA (GALP.LB) said late Monday that it found traces of oil while prospecting in the Potiguar Basin, according to Brazil's National Petroleum Agency.

The find was made at the POT-T-521 onshore block in the Potiguar Basin on the border of Rio Grande do Norte and Ceara states. Petrogal Brasil Ltda. is lead operator of the block, with a 50% stake. Brazilian state-run energy giant Petroleo Brasileiro SA (PBR) owns the remaining 50%.

Galp previously disclosed an oil and natural gas find at the inland POT-T-354 block in February, part of a series of successful test wells made in the mature region.

The exploratory basin also drew strong interest from oil companies during last year's 10th-round oil and gas concession auction, held by the ANP in December. The ANP received bids on 14 of the 35 blocks available in the Potiguar Basin, with Galp and Petrobras teaming to buy stakes in five blocks.

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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