Brazil's ANP Sees Oil Shows at Offshore Block

Brazil's National Petroleum Agency, or ANP, reported Tuesday that it encountered signs of oil at an offshore block along the coast of Rio de Janeiro in southeastern Brazil.

Exploration well 2-ANP-1-RJS, drilling to a planned depth of 6,425 meters by the Noble Paul Wolff and operated by Petrobras on behalf of the ANP, has revealed traces of oil at a water depth of 1,889 meters. The well is being drilled exclusively for gathering data, according to the ANP.

According to ANP data, the well was drilled in the northern portion of the subsalt layer in the Santos Basin as part of exploratory drilling to define oil reserves that will be transferred to Petrobras.

ANP has hired drilling rigs operated by Petrobras to locate areas where 5 billion barrels of oil can be produced for wells to define subsalt oil patches to be used in a complex capitalization plan for Petrobras, Dow Jones reported.

Under the capitalization plan, Brazil's government will cede rights to explore and produce 5 billion barrels of oil from subsalt deposits now under government control over to state-run Petrobras, which will pay for the rights with an issue of new shares, Dow Jones said.

This information is being disclosed under ANP's regulation 75/2000, which states that a discovery must be disclosed within 72 hours. However, a disclosure does not indicate whether or not a find is commercially viable.


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