Brazil: Well confirms light crude potential

Brazil's state oil company says the drilling of its seventh well in an offshore field reinforces the light oil potential of the pre-salt reservoirs off the country's southeastern coast.

Petroleo Brasileiro SA ( PBR - news - people ) says the well was drilled in the massive Tupi field that off the coast of Rio de Janeiro.

Petrobras said in a statement Wednesday the well reinforces the estimates of 5 billion to 8 billion recoverable barrels of light oil and natural gas found in the Tupi area under a thick layer of salt beneath the ocean floor.

The Tupi field is located 23,000 feet (7,000 meters) below the ocean floor.

Petrobras has a 65 percent operating stake in the Tupi field. Britain's BG Group PLC ( BRG - news - people ) holds 25 percent; Portugal's Galp Energia has 10 percent.

[Fuente: Forbes, AP, Sao Paulo, 24Jun10]

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