May 25th, 2012 | Xinhua Repsol Sinopec finds oil off Brazil coast
Spanish-Chinese oil venture Repsol Sinopec announced Thursday it has discovered a large hydrocarbon reserve in the pre-salt layer of the Campos Basin, off Brazil’s southeastern coast.
The discovery is one of the largest finds in the world this year, the company said.
The company estimates the BM-C-33 block, where the discovery was made, could hold more than 1.2 billion barrels of oil equivalent.
The most recent discovery in the block, the Pao de Acucar (1-REPF-12D-RJS) well, is located some 195 km off the coast of Rio de Janeiro state, in a water depth of 2,800 meters. The hydrocarbon column in the well is around 500 meters, one of the thickest discoveries in Brazil.
Repsol Sinopec is the operator of the block and owns 35 percent of the business. The Norwegian energy producer Statoil owns another 35 percent, and Brazil’s state-controlled oil and gas giant Petrobras owns the remaining 30 percent.
According to Repsol Sinopec, the consortium is already preparing an evaluation plan to present to Brazil’s National Petroleum Agency (ANP).
Repsol Sinopec is a joint venture established in 2010. Repsol owns 60 percent of the business, while Sinopec owns 40 percent.