Petrobras Discovers Oil in Santos Basin

13 December 2009 (Last Updated December 13th, 2009 18:30)

Petrobras has discovered oil for the first time in its BM-S-17 offshore block in Santos Basin in Brazil. The Brazilian oil producer reported the discovery in the pre-salt area to the National Petroleum Agency on 30 November. Brazil's oil regulator ANP said this is the first we

Petrobras has discovered oil for the first time in its BM-S-17 offshore block in Santos Basin in Brazil.

The Brazilian oil producer reported the discovery in the pre-salt area to the National Petroleum Agency on 30 November.

Brazil's oil regulator ANP said this is the first well to undergo drilling in the BM-S-17 offshore block.

Details regarding the amount of oil that the block contains and the deadline for the commercial viability of the block have not yet been revealed.

Petrobras is currently making multi-billion dollar investments in order to raise oil production by over 50% to 3.7 million bpd by 2013, compared with 2.4 million barrels in 2008.