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UPDATE:
Petrobras To Comment On New Oil Find After More Data
> Dow
Jones
> April 15, 2008: 05:37 PM EST
>
> (Updates
with comments from Petrobras Exploration director, analyst; adds
>
> By Bernd Radowitz
>
> Of DOW JONES
NEWSWIRES
>
> RIO DE JANEIRO -(Dow Jones)- State-run oil
company Petroleo Brasileiro
> SA ( PBR), or Petrobras, won't
comment further on a new oil find in
> Brazil's offshore Santos
basin until it obtains more concrete data,
> Jorge Zelada,
Petrobras' international director, said Tuesday.
>
>
"The first well drilled showed oil, but we need to drill other
wells," he
> said.
>
> Zelada said Petrobras
is currently drilling a second well in the area,
> but it is too
early to tell whether that well struck oil.
>
> "We
are assessing what needs to be done to evaluate the find," he
said.
>
> Petrobras shares in Sao Paulo rose 1.17% to
83.94 reals ($49.88)
> Tuesday, after surging 5.6% Monday.
>
> Zelada would neither confirm nor deny comments made
Monday by Haroldo
> Lima, the head of Brazil's National Petroleum
Agency, or ANP, that the
> new discovery could contain reserves of
up to 33 billion barrels of
> oil equivalent, or BOE.
>
> "There's nothing concrete in those estimates,"
Petrobras Exploration
> Director Guilherme Estrella Tuesday told a
Senate commission in
> Brasilia later Tuesday, according to the
Estado newswire. "Petrobras
> works with technical data and
concrete estimates."
>
> Zelada said the new oil
find is within the BM-S-9 exploration block.
> He added that
Petrobras is calling the find Carioca.
>
> There was some
confusion as to which find Lima was referring to Monday
> after he
called it both Carioca and Pao de Acucar - or Sugar Loaf in
>
English.
>
> There was also confusion as to whether the
find extended beyond the
> BM-S-9 block.
>
> Lima
reportedly said Tuesday that the information he gave Monday was
>
based on an article published in World Oil Magazine in February. The
> article called the discovery 'Carioca-Sugar Loaf,' and said it
> extended from the BM-S-9 block to the adjacent BM-S-8 block, and
> possibly also into the adjacent BM-S-21 and BM-S- 22 blocks.
>
> In a report issued Monday, Credit Suisse said Sugar Loaf
is one large
> structure that contains all four blocks, while
Carioca is one oil find
> within that structure, next to other
finds.
>
> Credit Suisse, however, cautioned that
drilling in the Sugar Loaf area
> "has been very limited to
date," and said that therefore markets may
> have overreacted
to Lima's comments.
>
> "We currently include 15
billion BOE of Blue Sky resource in our
> estimates for the
licensed part of Sugar Loaf," the report said,
> adding that
around 40% of the estimated area is still unlicensed.
>
>
Petrobras didn't confirm whether the oil find may reach into adjacent
> exploration blocks.
>
> The BM-S-9 block is
operated by Petrobras with a 45% stake, while BG
> Group ( BRGYY)
holds 30% and Repsol YPF SA (REP) holds 25%.
>
> A
spokesman for BG Group declined to comment on the size of the
>
reserves in the Carioca find. He said stakeholders in the field would
> be putting together a plan to evaluate the size of the resources
in
> Carioca in the next few days.
>
> Repsol
said in a filing Tuesday to the Spanish market regulator that
>
comments made by Brazil's National Petroleum Agency and Petrobras were
> accurate, and a spokesman added that time was needed to analyze
> drilling results.
>
> Both BG's and Repsol's
shares also soared Tuesday.
>
> The BM-S-8 block is
operated by Petrobras with a 50% stake. Royal
> Dutch Shell PLC
(RDSA) has a 40% stake and Portugal's Galp Energia
> (GALP.LB)
10%.
>
> The BM-S-21 block is operated by Petrobras with
an 80% stake, while
> Galp Energia holds 20%. The BM-S-22 block is
operated by ExxonMobil
> Corp. (XOM) with a 40% stake, while Hess
Corp. (HES) holds 40% and
> Petrobras 20%.
>
>
Exxon and Hess said they plan to drill a first well in the BM-S-22
> block this year.
>
> Zelada also said Tuesday that
if massive discoveries in Brazil's
> promising pre-salt area were
to be confirmed, the company may have to
> shift resources away
from overseas operations into Brazil.
>
> Petrobras
currently is expanding its overseas activities and plans to
>
invest $ 15 billion outside Brazil from 2008 through 2012, he said.
>
> In November, the company said it estimated recoverable
reserves at its
> Tupi field in the pre-salt area of up to 8
billion barrels of oil
> equivalent.
>
> Reserves
for the entire pre-salt area are much larger than the Tupi
>
field, and could put Brazil between Nigeria and Venezuela in terms of
> oil reserves, Petrobras Chief Executive Sergio Gabrielli said in
> November.
>
> In January 2007, Nigeria had 36
billion barrels in proven oil in
> reserves, Venezuela had 80
billion barrels and Brazil had 12 billion
> barrels, according to
the Oil and Gas Review.
>
> Petrobras has said that
reserves in the pre-salt area lie at a water
> depth of about
2,000 meters, and then a further 5,000 meters below a
> layer of
sand, rocks and salt.
>
> -By Bernd Radowitz, Dow Jones
Newswires; 55-21-2553-7322;
> bernd.radowitz@ dowjones.com
>
> (James Herron in London and Jason Sinclair in Madrid
contributed to
> this report.)
>
> (END) Dow
Jones Newswires
> 04-15-08 1737ET
> Copyright (c) 2008
Dow Jones & Company, Inc.
>
>
> --
>
http://tempe.wordpress.com/
> No one can monopolize the truth !
>
>
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