interesting article

By Laura Price

Jan. 23 (Bloomberg) -- Galp Energia SGPS SA and Petroleo Brasileiro SA found traces of oil and gas in an onshore well in Brazil’s Sergipe Basin.

The discovery was made at well number 1GALP28SE in the SEAL- T-412 block, where the companies also found evidence of oil in November, according to a posting on the Web site of Brazil’s National Petroleum Agency. The companies haven’t yet declared the well commercially viable.

Lisbon-based Galp is the block’s operator and owns half the project, while Rio de Janeiro-based Petrobras holds the rest.

To contact the reporter on this story: Laura Price in Sao Paulo at [email protected]