Brazil: Petrobras announces discovery of new oil and gas field in Santos bay

8 April 2009

Rio de Janeiro, Brazil, 8 April – Brazilian oil company Petrobras Monday announced it had discovered a new light oil and natural gas field in the pre-salt layer of Santos basin, named Piracucá, on the coast of the State of Sao Paulo.

The field will be operated by Petrobtras (63 percent stake) in a consortium with Spain’s Repsol (37 percent).

The new discovery was in block BM-S-7 and the reserve is estimated to total 88.5 million cubic metres, or the equivalent of 550 million barrels.

“With this new field, it will be possible to increase the potential production of light oil and natural gas in shallow waters,” the company said in a statement. (macauhub)