Petrobras to Declare Santos Basin Fields Commercial

Brazil's federal energy company Petrobras (NYSE: PBR) aims to declare several fields in the Santos basin commercially feasible by year-end, local press quoted Petrobras E&P executive manager Francisco Nepomuceno as saying.

The company is drilling three exploration wells in the Santos basin's BS-500 block where the new discoveries are located, newspaper O Estado de S Paulo reported.

Production in the new fields is expected by 2010, Nepomuceno told Agencia Estado news service.

Petrobras at the end of 2005 declared the Urugua and Tambau fields in the BS-500 block commercially feasible.

This year the company has declared four fields - three onshore and one offshore - commercially feasible in the country's northeastern basins of Reconcavo, Potiguar and Camamu.

In 2005, 17 fields were declared commercially feasible.

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