Source: Merco Press
Spain’s Repsol and China’s Sinopec have made an oil discovery offshore Brazil that could be one of the biggest so far in the area and that boosted confidence that across in Africa, Angola’s deepwater reserves may be abundant too.
The firms’ Brazilian joint venture has struck oil in the Campos Basin off the coast of the South American country, it said on Monday.
?The well … drilled into a hydrocarbons column of 500 metres, one of the thickest discovered in Brazil to date,? Repsol said in a statement.
Repsol did not provide an estimate for the size of the find, but one of its partners, Norway’s Statoil, said it was a ?high-impact? one: it could hold more than 250 million barrels of oil equivalent (boe) or provide 100 million boe net to Statoil.
One analyst said the discovery could be even bigger and had the potential to be an elephant when compared with a recent discovery made by Petrobras in the same area.
?Using the same ratio between the oil column size and the recoverable recourses, the estimated size of (the find) is in excess of 500 million boe,? Teodor Sveen Nilsen, an analyst at Oslo-based firm Swedbank First Securities, wrote in a note to clients. (more…)