Petrobras makes major oil find in Santos basin

Petroleo Brasileiro SA has announced an important oil discovery on Block BS-500 in the Santos Basin off Brazil. The field is in the northeast of the basin, about 165 km southwest of Rio de Janeiro.The well encountered 35° gravity oil in two zones at 3,828-34 m and 4,092-4,148 m. Petrobras is drilling a second wildcat, 1-RJS-542, 25 km west of the discovery well in 1,490 m of water.Brazil's President Fernando Henrique Cardoso, Mines and Energy Minister Rodolpho Tourinho, and Petrobras Pres. Henri Phillippe Reichstul heralded the significance of the discovery, claiming that preliminary estimates indicate potential oil reserves of 600-700 million bbl.Santos basin is Brazil's pri...

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