- Petrobras (PBR) confirms the discovery of oil fields in a new area off Brazil´s northeast coast that are closer to shore and could be cheaper to develop than larger discoveries further south (earlier).
- The oil fields found in the Sergipe-Alagoas Basin should start producing ~100K bbl/day of crude in 2018, CEO Maria das Gracas Foster says; she declines to estimate the amount of oil present in the fields, although geologists say they could potentially hold billions of barrels of crude.
- PBR's long history of production on land in Sergipe state means that some of the infrastructure needed to bring production onstream already exists, helping to reduce costs and logistical challenges.
Petrobras confirms oil find, may be cheaper to develop than presalt area
Sep 27 2013, 19:11 ET