Brazil: Petrobras finds traces of oil in onshore block

14 January 2009

Lisbon, Portugal, 14 Jan – Brazilian oil company Petrobras has found traces of oil in an onshore oil block in the Mucuri basin, in Brazil, according to financial news agency Bloomberg.

The discovery was made at the 1GALP27BA well in block ES-T-227, but the company ahs yet to establish if the discovery is commercially viable.

Meanwhile, British group BG announced it planned to invest US$4 billion in the Brazilian pre-salt layer oil fields, namely the Tupi field.

The investment amount was announced to Brazilian newspaper Folha de São Paulo by the group’s president, Robert Wilson.

Petrobras owns 65 percent of the block where the Tupi well is located, with the remainder in the hands of BG group (25 percent) and Portugal’s Galp Energia (10 percent). (macauhub)