Brazil Petrobras Discovers Oil in BT-POT-4 Land Block

RIO DE JANEIRO (Dow Jones Newswires), July 10, 2008

Brazilian state-run energy giant Petroleo Brasileiro (PBR), or Petrobras, notified the country's National Petroleum Agency, or ANP, of two recent oil discoveries in Northeast Brazil, according to the ANP's Web site.

In a routine filing with the ANP, Petrobras said that it had discovered oil in two land blocks in Rio Grande do Norte and Bahia states. Wells drilled in the BT-POT-4 block in Rio Grande do Norte and the REC-T-31 block in Bahia both showed indications of oil. The filing didn't provide any details about reserve estimates or commercial viability. In addition, no details about the oil's weight on the American Petroleum Institute's grading scale were provided. Oil companies operating in Brazil are required to inform the ANP if any exploratory wells hit oil or gas.

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