Petrobras Makes Major Offshore Discovery.

Oil Daily, The, June, 2003 by Patricia I. Vasquez

Brazilian state oil giant Petrobras announced Wednesday four new offshore oil finds totaling an estimated 500 million barrels, which added to previous discoveries confirm the existence of a new oil-rich province in the northern part of the prolific Campos Basin.

The findings, together with the recent acquisition of Argentine Pecom Energia (Perez Companc), mark a new step towards the Brazilian energy giant's goal of achieving self- sufficiency in oil and of becoming a major player in international financial markets.

The discoveries, located offshore the state of Espiritu Santo, add to another find in the area last month of well 1- ESS-121 located in BC-60 block, with estimated reserves in the order of 630 million bbl of oil (OD May 16,p7).

The...