Brazil’s Odebrecht strikes oil on the Angolan coast

17 July 2009

Sao Paulo, Brazil, 17 July – The oil and gas division of construction company Odebrecht has announced an oil discovery on the Angolan coast, in a prospection operated by Maersk Oil (with 50 percent), newspaper Estado de São Paulo reported.

“It is light oil, of good quality, which was found at a depth of 4,725 metres, 315 kilometres of the Luanda coast,” the company’s chairman, Miguel Gradin told the Brazilian newspaper.

The Brazilian company has a 15 percent stake in the consortium operated by Maersk Oil, with 50 percent, which also includes Angolan state oil company Sonangol, with 20 percent, and US company Devon, with 15 percent.

So far there are no indications of the amount of oil found, nor information about when the area will be able to start production.

Odebrecht invested US$90 million in the prospection of this area, and a further three wells are due to be drilled in the same location by the end of the year.

According to Gradin, it is still possible that more drilling will be carried out in the high quality oil layer of this Angolan reserve.

Odebrecht, via its oil and gas division, expects to invest a total US$4 billion by 2011 in the entire oil business.

As well as this area in Angola, Odebrecht had already struck oil in the only onshore block it has in Brazil, located in the Potiguar basin. (macauhub)