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Brazil confirms light oil discovery

Brazil’s state-owned Petrobras confirmed on Thursday the existence of light oil in a second well in the Tupi exploration area in the Campos Basin off the coast of Rio de Janeiro state.

According to the company, tests showed that the well, located 2,166 meter underwater, can produce about 2,000 oil barrels per day. The oil and gas company announced the discovery of the first light oil well in Tupi in July 2006. The second well is located 9.5 kilometer northwest the first one and 286 kilometers from Rio city’s south coast.

Also in the Tupi area, the tests found natural gas reserves with a daily production capacity of 65,999 cubic meters. Petrobras stressed that the results were obtained in tests where the flow that was limited by operational and security restrictions. It said in a statement that more conclusive data on the discovery’s potential will only be released when the next phases of the evaluation process are accomplished. The Tupi area is part of a block operated by a consortium comprised of Petrobras (65%), BG Group (25%) and Petrogal (10%). (