Petrobras estimates BM-C-33 Block holds 700 million bbl crude oil

5/24/2012

Petrobras estimates BM-C-33 Block holds 700 million bbl crude oil

BY JEFF FICK

RIO DE JANEIRO -- Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, confirmed Thursday estimates for a Campos Basin offshore block that holds recoverable reserves of more than a billion barrels of oil equivalent.

Petrobras said the Pao de Acucar well in the Campos Basin's offshore BM-C-33 block showed recoverable volumes of 700 million barrels of crude oil and 3 trillion cubic feet of natural gas. Repsol Sinopec Brasil, which operates the BM-C-33 block with a 35% stake, and Norway's Statoil (STO) made similar announcements earlier Thursday. Statoil holds a 35% stake in the block, with Petrobras retaining the remaining 30%.

"These numbers confirm the potential of the BM-C-33 concession in the Campos Basin, including the Seat and Gavea discoveries in addition to Pao de Acucar," Petrobras said in a regulatory filing.

The three companies expect to present an evaluation plan to Brazil's National Petroleum Agency, or ANP, to detail development of the field.

Pao de Acucar was drilled 195 kilometers off the coast of Rio de Janeiro state in water 2,800 meters deep. The Campos Basin is home to more than 85% of Brazil's crude oil output.

Dow Jones Newswires

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