Repsol Discovers Hydrocarbons at Panoramix in Santos Basin

Petrobras announced that the consortium formed by Repsol (Operator -- 40%), Petrobras (35%), Vale (12.5%), and Woodside (12.5%), has confirmed the existence of hydrocarbons in the well known as Panoramix (1-REPF-3D-SPS), located in shallow waters in block BM-S-48, in the Santos Basin, 185 km off the coast of the state of Sao Paulo. On 01/15/2009, the Consortium had informed the National Petroleum Agency (ANP) regarding the existence of evidence of hydrocarbons in this well.

The gas and condensate discovery was proved after new tests that were carried out in the reservoirs at depths ranging from 4410 and 4480 meters. The analysis of the results indicates a maximum theoretical supply capacity of 572,000 m3/d and 2,370 bpd.

Additionally, the existence of oil was proved, but not yet tested. New analyses will be carried out in the region to assess the volume and extent of the oil and gas discoveries.