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Latino Daily News

Saturday January 5, 2013

Petrobras Announces Oil Find Off of Brazilian Coast

Petrobras Announces Oil Find Off of Brazilian Coast

Photo: Petrobras

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Brazilian state-controlled oil giant Petrobras announced a new oil discovery in ultra-deep waters of the Atlantic Ocean.

The company said the crude reserves were found at a depth of 1,874 meters (6,145 feet) at a well in the Marlim Sul field, 126 kilometers (77 miles) off the coast of Rio de Janeiro state.

That well - known as Mandarim - is located in the pre-salt region, a massive oil frontier so-named because the crude reservoirs it contains are located under an extensive layer of salt up to 2,000 meters (6,550 feet) thick.

Distributed across roughly 160,000 sq. kilometers (62,000 sq. miles), the pre-salt region is projected to hold tens of billions of barrels of light oil and could potentially transform the South American country into a major exporter of crude and derivatives.

Petrobras said studies to evaluate the well’s productivity should be concluded this year.

The company said Thursday it produced nearly 1.97 million barrels of oil per day in November in Brazil, a 1.5 percent increase over the previous month’s output.

Petrobras produced 2.57 million barrels per day of oil equivalent from its domestic and overseas operations in November, down slightly from 2.58 million boe per day in October.

Its domestic output of oil and natural gas came in at 2.35 million boe per day in November, up 1.2 percent from the previous month.