Brazilian firm announces two new oil finds off AngolaFebruary 19th, 2010 - 11:23 am ICT by IANS
Rio de Janeiro, Feb 19 (IANS/EFE) Brazilian state-controlled oil giant Petrobras has announced the discovery of two new oil deposits in deep waters off the coast of Angola.
The discoveries were made at the Nzanza-1 and Cinguvu-1 wells, which are located 350 km from Luanda, Angola’s capital, at a depth of 1,400 metres.
The two wells are part of a block controlled by a consortium led by Eni Angola, the operator with a 35 percent stake. Petrobras is a minority partner with a 5 percent share.
Production tests showed the Nzanga-1 well to contain heavy crude with an American Petroleum Institute (API) gravity of 18 degrees and estimated that it has the potential to yield 1,600 barrels per day (BPD). Cinguvu-1 was found to have medium oil with an API of 23 and the potential to yield 6,400 BPD.
Other shareholders in the block include Sonangol P&P and SSI Fifteen Limited, which hold 15 percent and 20 percent stakes, respectively; Total, with 15 percent; Falcon Oil Holding Angola AS, 5 percent; and Statoil Angola Block, 5 percent.
In addition to the wells where the finds were made, the exploration block also includes the Cabaça Norte-1 and Sangos e Ngoma wells, where crude reserves also have been discovered.
Petrobras, Brazil’s largest corporation and one of the world’s fastest-growing oil companies, produces a daily average of 2.5 million barrels of crude and natural gas equivalent in Brazil and abroad.
An integrated energy company and a global leader in deepwater oil exploration and production, Petrobras operates in 27 countries in the Americas, Africa, Asia and Europe.
Shares of the company trade on the Sao Paulo, New York, Madrid and Buenos Aires stock exchanges, but the Brazilian government retains control through a golden share.
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