Brazilian oil company Petrobras announces oil strike in north-eastern Brazil

17 March 2010

Sao Paulo, Brazil, 17 March – Brazilian oil company Petrobras Thursday announced it had discovered a 15 million-barrel oil reserve in deep waters off the coast of the state of Sergipe in north-eastern Brazil.

The reserve was discovered via the drilling of a test well to a depth of 2,693 metres, in the Piranema concession area, 28 kilometres off the coast.

In a statement, the Brazilian state company said that the oil was light oil, of higher quality than the company currently produces in most of its wells on the Brazilian coast.

The state company plans to make use of production facilities it has in the area to link the new well to the exploration platform in Piranema and start exploration as soon as possible.

Petrobras, Brazil’s largest oil company and the fourth largest in the world, produces around 2.5 million barrels of oil and natural gas per day in both Brazil and abroad. (macauhub)