Brazil Petrobras Announces Oil Discovery Offshore Angola
Of DOW JONES NEWSWIRES NOv 11RIO DE JANEIRO (Dow Jones)--Petroleo Brasileiro (PBR), or Petrobras, said Wednesday it has discovered oil in a deepwater region off the coast of Angola.
The Brazilian state-run energy company said oil was discovered in the Cabaca Norte-1 well in Angola's deepwater 15/06 block. The well is about 350 kilometers off the coast north of Luanda.
The well produced 6,500 barrels of oil per day during production tests, Petrobras said. The Cabaca Norte-1 well was drilled in 500 meters of water to a total depth of 2,830 meters.
Cabaca Norte-1 was the second oil discovery in the 15/06 block. In October 2008, oil was found at the N'Goma-1 well.
Petrobras holds a 5% stake in the block. Eni Angola operates the block with a 35% stake, while Sonangol P&P has a 15% share, SSI Fifteen Ltd. 20%, Total SA (TOT, FP.FR) 15%, Falcon Oil Holding Angola AS 5% and Statoil Angola Block 15/06 AS 5%.
The latest find was at shallower depths than N'Goma-1, which drilled to a water depth of 1,421 meters and a total depth of 3,383 meters. Oil from N'Goma-1 measured at 22.5 degrees on the American Petroleum Institute's grading scale.
Petrobras, which has been active in Angola since 1979, plans to invest $900 million in Angola from 2008 to 2012. Angola represents Petrobras' largest exploratory drilling program outside of Brazil.
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