Statoil hails Brazilian oil success

May 25, 2012 at 9:57 AM

STAVANGER, Norway, May 25 (UPI) -- Norwegian energy company Statoil and its partners confirmed more than 700 million barrels of light crude oil exist in a block off the Brazilian coast.

Statoil, along with operator Repsol Sinopec, a Spanish-Chinese consortium, and its partners at Brazilian energy company Petrobras confirmed "significant" potential exists at its BM-C-33 block in the Campos basin off the cost of Brazil.

"The total estimated resources of the block amount to more than 700 million barrels of light crude and 3 trillion cubic feet of gas," Statoil said in a statement.

The block includes the Seat, Gavea and Pao de Acucar discoveries in the Campos basin.

Statoil in February said it discovered a "high-impact" oil discovery in the Pao de Acucar prospect about 120 miles off the coast of Brazil in 9,000 feet of water.

The Norwegian company describes a high-impact discovery as one that contains more than 250 million barrels of oil equivalent.

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