YPF and Petrobras to drill oil well in Brazil's Espirito Santo

Aug 27, 1999 02:00 AM

YPF of Argentina will start drilling oil wells within the BES-3 oilfield in Espirito Santo by the beginning of the year 2000. According to YPF, which will develop the oilfield along with Petrobras, there are significant volumes of oil and gas in that state of Brazil.
Due to Espirito Santo's potential, YPF will open a representative office in the state next year. The Argentinean company negotiates a partnership with CVRD to operate in gas distribution and electric power energy generation in Espirito Santo.
Petrobras predicts that research & development investments in Espirito Santo will amount to $ 1 bn until 2002, while production would demand investments of $ 15 bn.
According to Petrobras, the state will be producing 1 mm bpd as of 2005-2007. The Espirito Santo government estimates the local reserves at 10 bn bpd.

Source: Sabi via Newspage
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