(Recasts throughout, adds background on Brazil oil)
SAO PAULO, Sept 8 Brazilian state oil company
Petrobras (PETR4.SA)(PBR.N) on Tuesday said the offshore Guara
oil field in the subsalt province holds 1 billion to 2 billion
barrels of light oil and natural gas, confirming additional
reserves in Brazil's deep-sea energy reserves.
The discovery follows the 2007 discovery of the massive 5
billion to 8 billion barrel Tupi field, which put Brazil on the
map as a possible oil exporter.
Petrobras said in a securities filing that the field has
"very high productivity" with potential to produce up to 50,000
barrels per day. It reported a current well flow test of 7,000
barrels per day.
The test result indicates that the Guara area should be
prioritized in the development of subsalt fields in the Santos
Basin, the company's filing said.
Recent subsalt oil discoveries have the potential to
catapult Brazil into the higher ranks of global oil exporters
-- but the subsalt locations of the reserves have posed
technical difficulties in extracting the commodity.
Last week, President Luiz Inacio Lula da Silva proposed an
overhaul of the South American nation's oil regulations that
would make Petrobras the sole operator of the massive new
Petrobras has a 45 percent stake and is the operator of
block BM-S-9, where the ultra-deep water Carioca and Guara
prospects are located, while BG Group BG.L holds 30 percent
and Repsol (REP.MC) 25 percent of the rights to the block.
(Reporting by Luciana Lopez and Brian Ellsworth; Editing by