Repsol makes 'good quality' oil find off Brazilian coast

28th June 2011, Comments 0 comments

Repsol, Spain's biggest oil group, said Tuesday it has discovered two grades of "good quality" oil in "ultra-deep" waters off the Brazilian coast together with its Chinese partner Sinopec.

The well, located about 190 kilometres (120 miles) off the coast of Rio de Janeiro, is owned by a consortium in which Repsol and Sinopec have a 35 percent stake, Repsol said in a statement.

The find is the most significant made in the pre-salt area of the Campos Basin, it added.

"The consortium is currently analysing the results of the well before continuing with exploration and evaluation work in the area," the statement said.

Norway's Statoil has a 35 percent stake in the consortium while Brazil's Petrobras has the remaining 30 percent.

Last year Repsol shareholders approved the sale of 40 percent of its Brazilian affiliate to Sinopec for 7.1 billion dollars.

Under the agreement Repsol and Sinopec will continue with expansion plans in Brazil and participate, jointly or separately, in future rounds of tenders in the country.

Repsol has a significant portfolio of projects in Brazil, including a producing field, a block under development, two planned pilot projects and 14 exploration blocks of great potential.

© 2011 AFP

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