New oil field discovered in Angola
July 14th, 2010 - 6:47 am ICT by IANSSao Paulo, July 14 (IANS/EFE) Brazilian oil firm Petrobras said it has found a new oil field at an exploration block 100 km off the Angolan coast at a depth of 470 meters.
Preliminary estimates indicate that the new oil field contains about 500 million barrels of high-quality crude.
Petrobras which owns 5 percent share in the block has been exploring oil along with Italy’s ENI, which has a 35 percent stake, and France’s Total, which owns a 15 percent share.
The Brazilian oil giant said Feb 18 that it found two other fields with the potential to produce 1,600 barrels and 6,400 per day respectively in the same block.
–IANS/EFE
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Tags: angola, eni, estimates, hv, italy, july 14, new oil, oil field, oil firm, oil giant, percent stake, petrobras, sao paulo