facebook
twitter
rss
account
search
search
 

Statoil hails Brazilian oil success

May 25, 2012 at 9:57 AM   |   Comments

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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Texas, N.D. oil push imports down
2
Australia orders Supacat special operations vehicles
3
Twinkies' Chicago facility to close
4
Scout attack helicopter demos firepower
5
Oil spill reported in North Dakota
Trending News
Video
x
Feedback