Major offshore oil discovery made in Brazil

A joint Brazilian offshore oil venture has struck what Spanish energy company Repsol YPF SA refers to as a "high-impact well," according to Bloomberg.

Owned in part by Repsol, Norwegian firm Statoil ASA and Brazilian company Petróleo Brasileiro and operated jointly with China Petroleum & Chemical Corp. (Sinopec), the new well is projected to hold at least 250 million barrels of oil.

The offshore oil well is located in the pre-salt region of the Campos Basin, a layer of hydrocarbons trapped under a layer of salt in extremely deep waters off the coast of Rio de Janeiro. Despite the depth, two of Brazil's most productive wells last year came from this region.

"The well known as Pao de Acucar is one of the thickest found until now in Brazil," Repsol said in a statement.

Reuters reports that Statoil also noted the success of this venture also raises the prospects for similar pre-salt areas, from other regions of Brazil to Angola. The company projects it might be able to find reserves that number in the billions of barrels.

Analyses of deepwater offshore drilling in the Americas can be found at PennEnergy's Research area.

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