Repsol finds more oil off Brazilian coast

14th November 2011, Comments 0 comments

Repsol, Spain's biggest oil group, said Monday it has made a new oil discovery off the coast of Brazil together with Chinese partner Sinopec, Britain's BG Group and Brazil's Petrobras.

The field containing "high quality" crude was discovered nearly 300 kilometres (185 miles) off the coast of Sao Paulo at a depth of 4,830 metres, it said in a statement.

Repsol and its partner Sinopec have a 25 percent stake in the consortium which is led by Petrobras which has 45 percent. The remaining 30 percent is held by BG Group.

In June, the company announced it had discovered two grades of "good quality" oil about 190 kilometres off the coast of Rio de Janeiro.

Last week, Repsol announced its largest-ever oil discovery, saying it had discovered nearly a billion barrels in unconventional oil and gas in Patagonia, a find that doubles its proven reserves in Argentina.

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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