Repsol Sinopec consortium finds quality oil in Brazil

27 January 2011

Madrid, Spain, 27 Jan – An oil consortium made up of Repsol Sinopec, Petrobras and the BG group has discovered quality oil in Brazilian waters, Spanish group Repsol said in Madrid Wednesday.

“Repsol Sinopec (former Repsol Brasil) and its partners, Petrobras and the BG group have discovered good quality oil in the deep waters of the Santos basin,” the Spanish group said in a statement.

The consortium, in which Petrobras has 45 percent, BG 30 percent and Repsol Sinopec 25 percent, made the discovery at the Carioca Nordeste well, located in block BM-S-9, 275 kilometres off the coast of Sao Paulo,” an area where “some of the most important discoveries in the world,” have been made.

In October 2010 Repsol announced that Sinopec had taken a stake in its subsidiary Repsol Brasil, via a capital increase of US$7.1 billion entirely subscribed by the Chinese company, which now has a 40 percent share in Repsol Brasil. (macauhub)