Brazil: New oil strike by Petrobras may be third largest oil field in the world

15 April 2008

Brasilia, Brazil, 15 April – The director general of Brazil’s National Oil Agency (ANP), Haroldo Lima said Monday that a new oil strike in the Santos basin, located on the Brazilian continental platform, could contain reserves of some 33 billion barrels of oil.

If preliminary information from the concession-holding companies in the area known as “Pão-de-Açúcar” (Sugar Loaf) are confirmed, this will be the world’s third largest oil field.

“It would be the biggest strike of the last thirty years, Lima said during the IV Seminar on Oil and Gas in Brazil, promoted by the Getúlio Vargas Foundation (FGV) in Rio de Janeiro.

The are is located in the bloc operated by Petrobras (45 percent), in partnership with Britain’s BG Group (30 percent) and Spain’s Repsol (25 percent).

The Santos basin is seen as the main oil area in the world to have been identified in the last few years.

The oil and gas reserves of Petrobras currently total 11.704 billion barrels. (macauhub)