economic stimulus package, page-2

KAR Brazil Blocks getting more and more valuable
Look at the trend line for KAR Brazil Blocks - with this new find, KAR management slipped this inthe review

This is right next door in the comparable - then look at the size of the three KAR puddles - correct me if I am wrong altough BM-S-7 are our direct ontrend neigbhour

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6BRSA 661 SPS New Petrobras gas discovery
in block BM-S-7
Pay found in sandstone reservoirs at a depth
of 3,970m which is above salt in comparable
targets to those being pursued by Karoon
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According to RIGZONE

"This find is of major importance due to the potential for gas production in the shallow offshore area of the southern Santos Basin"


Petrobras Unlocks Gas in Shallow Waters of Santos Basin
Petrobras Monday, January 26, 2009


Petrobras has made a discovery in the shallow waters at the southern end of the Santos Basin, in the state of Sao Paulo. The discovery is a thick gas column in reservoirs above the post-salt section as a result of drilling the exploratory well 6-BRSA-661-SPS (6-SPS-53) by the Consortium established by Petrobras (63%, Operator) and Repsol (37%) to explore Block BM-S-7. The block is located 210 km southeast of the city of Santos, off the coast of the state of Sao Paulo in a water depth of 214 meters.


Approved by the ANP (the National Petroleum, Natural Gas and Biofuels Agency), this drilling is part of exploratory activities in accordance with the Evaluation Plan at well 1-BSS-68 where natural gas had been identified in post-salt section reservoirs.

The find was confirmed through cable tests conducted in the sandstone reservoirs situated at a minimum depth of 3,970 meters.

The Consortium is to proceed with its exploratory activities through formation testing to be executed at levels where gas has already been found, thus making it possible to assess the commercial viability of this discovery.

This find is of major importance due to the potential for gas production in the shallow offshore area of the southern Santos Basin

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Then WANT MORE VALUE ( RIGZONE ) 2 feb 2009

Brazil's 8th Oil Auction Suspended Until Petroleum Laws Change

No decision will be made on restarting Brazil's suspended eighth-round oil and natural gas concession auction until likely changes are made to the country's petroleum laws, Brazil's National Energy Policy Board said Monday.

The regulator, known as CNPE, made the pronouncement in a resolution published in Brazil's Federal Register.

Related Pictures

The eighth-round auction was suspended in November 2006 after a local court granted an injunction stopping the sale. Before the auction was halted, 38 of the 284 oil and gas exploration and production blocks up for bid were auctioned off.

The auction drew intense interest because it included blocks close to promising subsalt oil reserves.

A government panel studying possible changes to Brazil's oil legislation was expected to meet later this week, then submit proposals for possible changes to President Luiz Inacio Lula da Silva on Wednesday, Mines and Energy Minister Edison Lobao said last week. A decision by President Lula was then expected in 30 days, Lobao said.

The proposals are expected to give Brazil's government a greater stake in oil and natural gas production, especially in the subsalt area. Government officials, however, have said that previous contracts would be maintained.

Under consideration is the creation of a second state oil company that would manage development of the reserves, as well as production-sharing agreements such as used in Norway.