UPDATE 2-Petrobras says makes offshore oil discovery in Brazil

Fri Aug 24, 2012 8:04pm EDT

Related Topics

* Petrobras says new discovery in Sergipe-Alagoas basin

* The "Moita Bonita" prospect is 100 pct owned by Petrobras

RIO DE JANEIRO Aug 24 (Reuters) - Brazil's state-run oil giant Petrobras said on Friday it found "good quality" crude in an ultra-deep water block in the Sergipe-Alagoas basin, its latest in a string of discoveries in one of the world's most active offshore oil frontiers.

The Rio de Janeiro-based company said it found a 300-meter (984 foot) column of hydrocarbons with 52 meters of netpay of oil and gas in porous sand-stone structures after drilling in a well known as 1-BRSA-1088-SES or "Moita Bonita." The well is located 35 Km (20 miles) southeast of company's "Barra" prospect.

Petrobras and partner IBV Brasil completed drilling a well earlier this week that confirms the extent of the "Barra" prospect.

"Moita Bonita" is located in the BM-SEAL-10 block off the coast of the Brazil's northeastern state of Sergipe and is 100 percent owned by Petrobras.

The new find comes only four days after Petrobras announced it discovered oil in a deep water field south of the city of Rio de Janeiro. That discovery had a 295-meter column of hydrocarbons in a prospect known known as "Franco SW."

Petrobras, which accounts for 90 percent of Brazil's oil and gas output, has been criticized for its slow increase in output since the discovery of several massive subsalt oil fields off the coast that were announced in 2007.

Brazil and oil companies operating in the country expect to produce about 7 million barrels of oil a day by 2020, an amount that would allow the South American nation to challenge the United States for the position of world's third-largest producer after Russia and Saudi Arabia.

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