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Russia: OPEC+ Deal Will Not Be Revised

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Petronas Halts all Imports of Iranian Crude in South Africa

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Repsol Discovers Another Large Oil Deposit in Brazil

A new oil discovery has been made in the Campos Basin of the coast of Brazil. Repsol Sinopec Brasil discovered the Pão de Açúcar well has a thickness of 500m, one of the thickest in Brazil to date, and contains both good quality oil and natural gas.

The Pão de Açúcar well is located in block BM-C-33, in a water depth of 2,800 meters (9,186 feet), and first reviews indicate high quality oil resources with excellent flow rates. Production tests showed a flow of 5,000 barrels per day of light oil and 28.5 million standard cubic feet per day (807,348 cubic meters per day) of gas in a choked drill stem test with very limited drawdown.

The consortium who made the discovery is operated by Repsol Sinopec Brasil (35%), and partnered by Statoil (35%) and Petrobras (30%).

Repsol and its partners plan additional work in the prospect to confirm the extent of the discovery.  The Pão de Açúcar well is the third discovery in BM-C-33 block after Seat and Gávea, listed as one of the 10 largest finds made worldwide in 2011.

The three wells indicate to the significant potential of the Campos Basin, which could be confirmed as a large reserve of hydrocarbon fuels similar to that existing in the Santos Basin.

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