Oil and gas discoveries in last 12 months surpass expectations

04/09/2003 - 22h32

Rio, September 5, 2003 (Agência Brasil - ABr) - The data released today by Petrobras indicate that, in the last twelve months, the company discovered around 4 billion barrels of oil - 1 billion of excellent quality - and 419 billion cubic meters of natural gas.

According to the data that were released, 150 million barrels of light oil were found in the Sergipe-Alagoas Basin. 450 million barrels of light oil, also of "excellent quality," were discovered in the Espírito Santo Basin. The area is still under initial exploratory evaluation.

Another 435 million barrels of light oil were found in the Santos Basin. This area is "also under exploratory evaluation for a future declaration of commercial viability." It was in this same Basin that the 419 billion cubic meters of natural gas (2.6 billion barrels of oil equivalent) were discovered, of which 70 billion were already announced as potential reserves, in April of this year.

The other 2.95 billion barrels refer to the heavy oil discovered in the oil fields of the Campos Basin, off the north shore of the state of Rio de Janeiro - the country's largest oil region, from which 80% of the petroleum produced in the country is derived. (DAS)