SAO PAULO (Dow Jones)--Brazilian state-run energy company Petroleo Brasileiro SA (PBR, PETR4.BR) and Angola's national oil company Sonangol have found a new oil field off the coast of Angola, Angola's state-run Angop news agency said on Tuesday.
According to Angop, the new oil well was discovered at Block 18/06, in deep waters 200 kilometres north of Luanda.
Drilled under 1,500 meters of water, the Magnesium-01 well showed the existence of "petroleum of excellent quality" under 82 meters in sand at a site called Miocene Epoch, Angop said.
The find was confirmed in a joint statement by the two companies.
Sonangol is the main concessionary of Block 18/06.
Petrobras is the operator of the block with a 30% share, while Sonangol Sinopec International Ltd. holds 40%. Sonangol P&P has a 20% stake in the bloc. Others hold the remaining 10% stake.
Petrobras, which has been active in Angola since 1979, plans to invest $900 million in the country from 2008 to 2012. Angola represents Petrobras' largest exploratory drilling program outside of Brazil.
-By Rogerio Jelmayer, Dow Jones Newswires
2009-11-17
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