Petrobras Reports Offshore Oil Find in BM-S-7 to ANP

According to the National Petroleum Agency's (ANP) data, Petrobras reported late Wednesday an oil find in the offshore Santos Basin.

Located in the BM-S-7 block and drilled by the Pride South Atlantic semisub to a total depth of 4,625 meters, the 9BRSA741SPS well encountered traces of oil.

The BM-S-7 block already contains the Piracuca discovery, which was announced in April by Petrobras and partner Repsol and is estimated to hold light and natural gas reserves of some 550 million barrels of oil equivalent. Operator Petrobras retains a 63% interest in the BM-S-7 block, while Repsol holds the remaining 37%.

Oil companies operating in Brazil are instructed by the ANP to report any oil, natural gas or hydrocarbon find within 48 hours; however, the disclosures do not indicate commercial viability.