New oil found off Brazilian coast

New oil reserves have been found off the Brazilian coast by Statoil. A new exploration well drilled a few kilometres south of Peregrino has encountered oil in sandstones off the […]

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By Vicky Ellis

New oil reserves have been found off the Brazilian coast by Statoil.

A new exploration well drilled a few kilometres south of Peregrino has encountered oil in sandstones off the coast of Rio de Janeiro.

Tim Dodson, Executive Vice President for Exploration at Statoil said: “The results confirm the significant potential in the Peregrino area. The well verifies the upside potential and will together with the Peregrino Southwest discovery from 2007 play an important role in further development of the Peregrino area.”

Statoil will hope the well is as successful as its nearby Peregrino field, where oil production started last week and will eventually produce 100,000 barrels of oil equivalent per day.