Brazil's Petrobras announces oil discovery off Angolan coast

Brazil's state-controlled energy giant Petrobras announced Monday an oil discovery in Angolan waters.

According to the company, the discovery was made in well Cabaca South East-1, located in the 15/06 Block, some 100 km off the Angolan coast and at a depth of 470 meters below the waterline.

Petrobras said that a 450-meter thick reservoir was discovered at the site. Preliminary estimates indicate that the reservoir may contain at least 500 million barrels of high-quality oil.

The 15/06 Block is operated by Eni, which holds a 35-percent stake in the business. Petrobras holds five percent, with Sonangol holding 15 percent, SSI Fifteen Limited 20 percent and Total 15 percent. Falcon Oil Holding Angola and Statoil Angola hold five percent each.

The Cabaca South East-1 well is the seventh of eight wells drilled in the conceded area. Out of the seven drilled wells, six were successful, which shows the great potential of the region.

It was Petrobras' second discovery in Angola this year-- in February, the company announced another discovery in Block 15/06, in wells Nzanza-1 and Cinguvu-1, located some 350 km from Angola's capital city Luanda, in a water depth of about 1,400 meters.

Petrobras operates in Angola since 1979.

[Source: Xinhua, Río de Janeiro, 12Jul10]

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