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Brazil adds to gas reserves with new find
by Staff Writers
Rio De Janeiro (UPI) Jun 28, 2011

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Brazil seems poised to add significant new quantities of natural gas to its expanding reserves of crude oil and gas on land and at great depths of its Atlantic Ocean coast and seabed.

News of the latest discovery of natural gas coincided with industry reports the government of President Dilma Rousseff would likely call an auction later this year to draw new investment into new exploration projects in the Sergipe Basin in the northeast of the country.

The International Energy Agency last month declared natural gas the leading fuel of the future and predicted the global natural gas industry could be entering a "golden age" if all conditions for its responsible exploitation were met by the operators.

Brazil has been on a winning streak, with oil and gas discovered up to 200 miles offshore, and the bonanza has transformed the country's development planning and also led to increased military spending to protect the newly found wealth.

Spanish oil and gas group Repsol YPF, meanwhile, said its Brazilian joint venture with China's Sinopec Group had also made a new discovery of good quality oil in ultra-deep waters off the Brazilian coast.

Repsol said in a statement the Gavea exploration well could be the most significant find made in the pre-salt area of the Campos Basin, already famous for large finds.

It said the consortium is analyzing the results of the well.

The state-controlled oil company Petrobras said its experts found the natural gas deposits in an onshore field close to an area where exploration licenses are due for auction later this year.

Officials said up to 174 exploration blocks could be put to auction. It was not immediately clear if the new gas discovery would influence Brazil's decision on the makeup and scale of the planned auctions.

Petrobras also did not say when it would declare the gas find commercially feasible.

The discovery at the Ilha Pequena block in the Sergipe Basin adds to a growing inventory of hydrocarbon finds at a time when Brazil says it wants to concentrate more on renewable energy.

Some of its renewable energy plans, however, have met with opposition from environmentalists. Brazil's plans for the giant Belo Monte Amazon dam complex met with international disapproval because of fears it would devastate ecology of a vast pristine region. The government says it needs the hydroelectric project to meet growing energy demands.

Brazil aims to more than double oil production by 2020 as offshore sub-salt oil wells begin coming on stream. It also has plans to expand its infrastructure for development of gas reserves.

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Repsol makes 'good quality' oil find off Brazilian coast
Madrid (AFP) June 28, 2011 - Repsol, Spain's biggest oil group, said Tuesday it has discovered two grades of "good quality" oil in "ultra-deep" waters off the Brazilian coast together with its Chinese partner Sinopec.

The well, located about 190 kilometres (120 miles) off the coast of Rio de Janeiro, is owned by a consortium in which Repsol and Sinopec have a 35 percent stake, Repsol said in a statement.

The find is the most significant made in the pre-salt area of the Campos Basin, it added.

"The consortium is currently analysing the results of the well before continuing with exploration and evaluation work in the area," the statement said.

Norway's Statoil has a 35 percent stake in the consortium while Brazil's Petrobras has the remaining 30 percent.

Last year Repsol shareholders approved the sale of 40 percent of its Brazilian affiliate to Sinopec for 7.1 billion dollars.

Under the agreement Repsol and Sinopec will continue with expansion plans in Brazil and participate, jointly or separately, in future rounds of tenders in the country.

Repsol has a significant portfolio of projects in Brazil, including a producing field, a block under development, two planned pilot projects and 14 exploration blocks of great potential.

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Poland discovers major new natural gas deposit
Warsaw (AFP) June 28, 2011
Gas prospectors in Poland have discovered new deposits estimated at 100 billion cubic metres which could double the country's domestic resources, Economy Minister Waldemar Pawlak said Tuesday. "If the estimates of experts are confirmed, the deposits in the region of Kutno would double our reserves," Pawlak said in a statement, referring to a part of central Poland. Poland's proven natura ... read more

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