Petrobras Makes Huge Gas Discovery

Petrobras reported it had found a new 8 billion cubic meter natural gas reserve off the coast of the southeastern Brazilian state of Espirito Santo. The reserve was not associated to petrol and would produce 2.5 million cubic meters of gas per day, Petrobras President Henri Philippe Reichstul said at a news conference.

The new find doubles the size of the company's gas reserves from the state of Espirito Santo, he said. Petrobras currently produces 36 million cubic meters of gas per day. The find was made with a Petrobras well 4-ESS-105 at a depth of about 2 kilometers (1.2 miles) in the Bacia do Espirito Santo field where it operates six wells on its own and two more in partnership with other companies. Brazil has proven reserves of 228.7 billion cubic meters of gas, concentrated in the states and coastal areas of Rio de Janeiro, Rio Grande do Norte and the Amazon.