Petrobras Makes Second Discovery in BM-S-9 Offshore Brazil

Petrobras and its partners, BG Group and Repsol YPF, have made another light oil discovery in block BM-S-9 located in the ultra-deepwater of Santos Basin offshore Brazil.

Block BM-S-9 is composed of two exploratory areas. In the largest part, the 1-BRSA-491-SPS well (1-SPS-50), known as Carioca was drilled which resulted in the discovery announced on September 5, 2007. The Assessment Plan for this area was recently approved by the ANP.

The new well, 1-BRSA-594-SPS (1-SPS-55), known as Guara, is located in the smaller area of the block, approximately 310 kilometers off the coast of the State of Sao Paulo and in 2,141 meters of water. The well is still being drilled by the Stena DrillMAX I in search of deeper prospects.

The discovery was proved by an oil sample collected via a cable test carried out in reservoirs situated at a depth of nearly 5,000 meters. The oil has an API of 28° and was found in pre-salt reservoirs.

After well completion, the Consortium will proceed with the required activities and make the investments that are needed to verify both the field's dimensions and the characteristics of the oil reservoirs by forwarding an Assessment Plan to the ANP, as provided for in the Concession Agreement.

BG Group Chief Executive, Frank Chapman said: "This new discovery extends the very significant potential of this world class hydrocarbon province. Together with our partners, we will now continue to advance our evaluation and development program, targeting initial production from the pre-salt Santos Basin during 2009."

Petrobras is the operator of the concession and holds a 45% stake. The other partners, BG Group and Repsol YPF each hold the remaining 30% and 25% respectively.

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