El Paso makes oil and gas discovery offshore Brazil

Jan 20, 2003 01:00 AM

El Paso revealed that it has made a significant oil and gas discovery offshore Brazil in Block BM-CAL-4 off the coast of Bahia in the Camamu Basin.
The company said that it is now carrying out a number of tests to determine the size of the discovery and how to proceed.

A spokesperson for El Paso said that all indications are that the discovery is of commercial quantities of hydrocarbons, but that the precise size of the reserves is yet to be determined. She pointed out that it is very near another discovery that was made by Petroleo Brasileiro (Petrobras).
According to the spokesperson, the Block BM-CAL-4 discovery is El Paso's first significant find in the country.

El Paso is the operator of the block, but will require permission from the Brazilian environmental regulation agency Ibama prior to commencing any development of the discovery well. It has already invested some $ 15 mm on the block for seismic and drilling tests.
El Paso holds 19 Brazilian exploration blocks.

Source: OGI
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