Brazil’s Petrobras finds more high quality oil in the Campos basin

29 June 2012

Brazilian oil company Petrobras has once again found good quality oil in the third well drilled in the area south of Guará, in the pre-salt layer of the Campos basin, the company said in a statement issued Thursday.

The well is located in an area covered by a contract signed by Petrobras and the Brazilian federal government, under the terms of which the company received 75 million reals (US$36.44 million) in exchange for 5 billion barrels of oil extracted from the pre-salt layer.

In March Petrobras announced that a new oil reserve in the pre-salt layer had been discovered in the Santos basin, which already has large oil fields such as the Lula and Iara fields.

Petrobras controls the consortium, with a 66 percent stake, and the remaining partners are Petrogal Brasil (14 percent), which is 100 percent owned by Portuguese group Galp Energia, Barra Energia do Brasil Petróleo e Gás (10 percent) and Queiroz Galvão Exploração e Produção (10 percent). (macauhub)