El Paso Makes First Discovery Offshore Brazil
Monday, January 20, 2003
El Paso has made its first significant oil and gas discovery offshore Brazil on block BM-CAL-4 in the Camamu Basin near Bahia State. A spokeswoman for El Paso said that tests indicate that it is a commercial find, however, the size has yet to be determined. If El Paso decides to develop the discovery, the company would need the permission of Ibama, Brazil's environmental agency.
El Paso currently participates in 19 exploration blocks in Brazil and has spent approximately $15 million on seismic and drilling tests to date.