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Brazil’s Petrobras claims new natural gas reserve

Brazil’s state-owned oil and gas giant Petrobras on Friday claimed the discovery of an offshore natural gas reserve in the southeastern state of Espirito Santo.

The company said a well in the reserve, 3,378 meters deep in the Camarupim field and 37 km away from the coast, was drilled in the BM-ES-5 area, in which Petrobras holds a 65% stake, while the US company El Paso owns the remaining 35%. The company also announced the presence of good quality oil at a depth of 2,461 meters in the same field. The finding confirms that the Espirito Santo basin has more natural gas than initially estimated, possibly making it one of the top gas providers in the country by 2009, abreast with the Campos Basin in the state of Rio de Janeiro, according to the company. (