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Lloyds List: Brazil exploration investment pays off with 18 new projects

Published: Jan 02, 2007

OIL companies in Brazil have created 18 new offshore commercial projects from exploration in 2006, writes Martyn Wingrove.

Petrobras said it has determined commercial viability for 16 offshore fields in the Espirito Santo, Campos and Santos basins and Shell declared two new fields in Santos.

Petrobras said it has found around 2.1bn barrels of oil equivalent in the declared commercial areas, including 560m boe in four Santos basin discoveries.

Further work may be required on the Tambuata, Pirapitanga and Carapia fields before they can be developed, but drilling has been successful off the Sao Paulo coast.

In the Campos basin, Petrobras said it has found 1.37bn boe of reserves with eight new discoveries that include Maromba, where US firm Chevon is a partner.

Other discoveries in Campos include Caratai and Carapicu in block BC-30, Catua, Caxareu, Manganga and Pirambu fields in the BC-60 area, north of the Roncador field.

Petrobras has also found 168m boe offshore in the Espirito Santo basin close to the Gulfinho project and in two new gas fields Carapo and Camarupim.

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