Statoil records major oil find in Brazil

March 7, 2012 at 8:09 AM
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STAVANGER, Norway, March 7 (UPI) -- Norwegian energy company Statoil announced it made another major oil discovery during its work in deep water off the coast of Brazil.

Statoil, as part of a consortium, encountered a hydrocarbon column of around 1,500 feet at the Pao de Acucar prospect offshore Brazil.

"Statoil's exploration strategy focuses on high impact opportunities and the deepening of core areas," Tim Dodson, a vice president for exploration at Statoil, said in a statement. "The Pao de Acucar success shows that we are delivering on our strategy."

Statoil described the prospect as a high-impact well, meaning it contains at least 250 million barrels of oil equivalent. Pao de Acucar is the sixth such discovery by the Norwegian energy company in the last year.

The well is about 75 miles off the coast of Rio de Janeiro in about 9,100 feet of water. Spanish energy company Repsol serves as the operator in the consortium that includes Statoil and Brazil's state-owned energy company Petrobras.

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