here is an update on discoveries in the espirito santo basin and the sergipe alagoas basin........................... Brazil Petrobras had a banner year, making a 14.8 tcf discovery in the BS-400 Block in the Santos Basin. The 4-SPS-035 discovery and 1-SPS-37A could conceivably change Brazil's natural gas strategy. The company also appears to have discovered long-sought-after crude oil both in the Sergipe/Alagoas Basin and Espirito Santo Basin. In the former, the 1-SES-147 discovery on SEAL 100 Block reportedly found 150 mmb of 42 degree oil. In the BES-100 Block in the Espirito Santo, the 1-ESS-123 reportedly found 450 mmbo of 40 degree oil.
Petrobras also has found another 2.95 billion barrels of heavy in the Campos Basin, including 950 million barrels in the Jubarte and Cachalote fields and 150 million barrels in the Marlim Leste Field.
A recent deepwater discovery of light oil points to a new exploration front in the basin. Current production is approximately 23,000 barrels per day of oil equivalent. the new tupi field holds 30 billion barrels of oil proved up so far.
if you look at the oil fields in brazil we could not be in a better position.here is web map of oil field in our basin http://pubs.usgs.gov/cgi-bin/samzoom.cgi?373,214
ERH Price at posting:
19.0¢ Sentiment: ST Buy Disclosure: Held
