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Petrobras announces major oil discoveries in Gulf of Mexico

Jun 10, 2011 Trade

Brazil's state-owned oil and gas giant Petrobras said Thursday it discovered two major oil deposits and a gas deposit in the Gulf of Mexico, together with Exxon Mobil.

The discoveries, with estimated total reserves exceeding 700 million barrels of oil equivalent, were made in a concession zone of the Hadrian area in the U.S. portion of the Gulf, about 400 kilometers southwest of New Orleans, at a water depth of 2,100 meters. They were among the largest discoveries in the Gulf in the last decade.

The company said that deeper targets have yet to be drilled and there were oil findings during previous drilling in some blocks in the Hadrian area.

Among the new discoveries, high-quality oil and associated gas was found in northern Hadrian area, with a 167 meter oil pay and a minor amount of gas, while in southern Hadrian area, a 61 meter natural gas pay was identified.

Exxon Mobil is the operator of the Hadrian fields, with a 50 percent stake in the business, while Petrobras subsidiary Petrobras America Inc. owns 25 to 50 percent.

In addition, Petrobras also announced it has found an oil deposit 115 kilometers off the coast of Espirito Santo state, at a depth of 1,900 meters.