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Friday, June 25, 2010

Light Oil.

Petrobras finds light oil in Brazil's Campos Basin

Tue Jun 22, 2010 11:27pm GMT
 Petrobras says possible discovery has light oil
 Find is within subsalt area of offshore Campos Basin.

SAO PAULO June 22 (Reuters) - Brazil's state-controlled oil firm Petrobras (PETR4.SA:)
(PBR.N: ) said on Tuesday it had discovered an unknown quantity of crude oil in the so-called subsalt region around the offshore Campos Basin.

The oil was found 81 miles (130 kilometers) from Rio de Janeiro state's coastline and lies at a depth of 4,536 meters and below waters just over a mile (2 kilometers) deep in the Albacora Leste concession, a company statement said. Petrobras said preliminary analysis indicated the presence of good quality, light oil.
The government hopes the massive oil reserves, buried deep beneath the ocean floor under a layer of salt in a basin known as the subsalt region, will help the world's eighth-biggest economy win the status of a developed nation and become a major energy exporter.

Petrobras said more drilling would be required to determine the size of the reserves and how viable it would be to recover them.

The firm obtained approval from its shareholders on Tuesday for one of the world's largest capitalization programs which it will undertake to develop the entirety of the massive offshore subsalt reserves, most of which were discovered in 2007.

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