El Paso finds first significant discovery in Brazil

Jan 21, 2003 01:00 AM

El Paso has made its first significant oil and gas discovery in Brazil and was assessing the size to decide whether to tap it or sell it off.
"Everything indicates it is commercial, but we don't know the size of it yet," a representative for El Paso told, adding that the find was close to a discovery made by Brazil's state oil company Petroleo Brasileiro (Petrobras).

The El Paso representative said the company would need the permission of Brazil's Ibama environmental agency if it decided to develop the well in the BM-Cal-4 block in the Camamu basin off the coast of the north-eastern state of Bahia.
According to the company representative, El Paso, which has 19 exploration blocks in Brazil, had spent some $ 15 mm on seismic and drilling tests on the well so far. Brazil, Latin America's third-biggest oil producer, officially opened its reserves to private exploration companies in 1998. However, Petrobras remains the only refiner.

Source: Neftegaz.RU
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