Statoil finds more oil off Brazilian coast

Feb. 27, 2012 at 8:29 AM
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OSLO, Norway, Feb. 27 (UPI) -- Norwegian energy company Statoil announced what it described as a high-impact oil discovery in deep waters off the Brazilian coast.

Statoil 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.

Statoil said an initial test in a partial section of the pay yielded around 5,000 barrels of light oil and 28.5 million cubic feet of natural gas per day.

The Norwegian energy company said the discovery, made in the Campos Basin, highlights its aggressive strategy in the region.

"Statoil has clear ambitions to grow in Brazil through new exploration opportunities," said Kjetil Hove, country president for Statoil in Brazil. "The Pao discovery will become an important building block in our growth ambitions."

The discovery is the sixth high-impact discovery made by Statoil in the past year, the company added. Statoil describes a high-impact discovery as one that contains more than 250 million barrels of oil equivalent.

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