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Brazil announces a 5th new oil field discovery.
According to officials from Petrobras, Brazil's state-owned energy firm, the newly discovered light-oil deposit is some 190 miles off the coast of Sao Paulo state and at a depth of almost 2 miles below sea level, which in the Santos Basin averages about 1.5 miles from the ocean floor to the surface.The find is the fifth major discovery by the group comprised of Petrobras, Britain's BG Group and Spanish energy giant Repsol. Officials for all three companies have not speculated publicly about what the reserve could hold. However, a BG Group spokesman called the new find "very speculative." "There is a new hydrocarbon province emerging in the waters off Brazil," a BG official told Britain's The Independent newspaper late last week. "This was very speculative, frontier exploration that has uncovered what is proving to be a major new province." Though its volume is undetermined, the newest reserve has added to the considerable clout of the consortium led by Petrobras, which, following the announcement of its discovery, prompted the company's shares to rise more than 2.3 percent on Brazil's Bovespa stock exchange. Posted by: 3dc 2008-06-19 |
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