Oil discovered off Brazilian coast

Oil discovered off Brazilian coast
Oil discovered off Brazilian coast

SAO PAULO (BDCi) – Spanish oil group Repsol, together with Chinese partner Sinopec, Britain’s BG Group and Brazil’s Petrobras, has discovered new oil off Brazil’s coast.

Merco Press reports that the field contains “high quality” crude oil and was discovered about 180 miles off Sao Paulo’s coast at a depth of just under five meters.

BG has stated that after running tests it has determined that the find could produce 28,000 barrels of oil a day.

Repsol announced last June that it had discovered two grades of “good quality” oil roughly 120 miles off the coast of Rio de Janeiro.

Just last week Repsol also announced its largest oil discovery ever, nearly a billion barrels of unconventional oil and gas in Argentina’s Patagonia region.

Repsol has many projects planned in Brazil, including two pilot projects and 14 exploration blocks, said to have great potential.

By: Diego Díaz Source: Merco Press Photo: Google 15 November 2011

10:15 a.m. P.D.T.