Statoil (OSE: STL, NYSE:STO) delighted the markets with the sixth high impact discovery (defined by the company as >250 mboe, 100 mboe net) made in the last 12 months. Operator Repsol Sinopec (JV of Repsol YPF, S.A. (BMAD: REP) China Petroleum & Chemical Corporation Limited (HKEX: 0386, SSE: 600028, NYSE: SNP, LSE: SNP), 35%), Petrobras (NYSE: PRB 30%) and Statoil (35%) said that Pão de Açúcar well 195 kilometres offshore Rio de Janeiro State in depth of 2800 metres encountered two per-salt accumulations comprising a 480 metre hydrocarbon column.
This is the third find in the BM-C-33 block after Seat and Gávea and Statoil says it thus confirms the area’s high potential. The partnership will now evaluate further developments. Statoil aims to grow further in Brazil through new exploration opportunities. The company said that the find also improves the confidence they have in the pre-salt Kwanza basin of Angola. The stock gained 2%.
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