Petrobras finds new reserves in Gulf of Mexico

Jul 04, 2004 02:00 AM

Brazilian state-owned oil giant Petrobras announced new crude discoveries in US territorial waters of the Gulf of Mexico, where it participates in exploration and production concessions along with other international firms.
Petrobras said that the new oil deposits were found in "extremely deep waters" of the Walker Ridge 678 block. Further exploration in that area revealed "the existence of even larger deposits of oil than originally estimated," the company said.

Petrobras operates in the Gulf of Mexico through its Houston-based subsidiary, Petrobras America. Preliminary results are being evaluated to determine the size of the oil field.
Petrobras, Brazil's largest company, is looking to boost foreign output -- mostly in Argentina, Peru, Ecuador, Venezuela, the United States, Angola, Ecuador and Bolivia -- to 500,000 bpd by 2006.

Source: EFE
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