By Joao Lima
Nov. 25 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil company, and Norway’s StatoilHydro ASA found evidence of oil in an offshore well in the Jequitinhonha Basin’s Block BM-J-3, the Brazilian petroleum regulator said.
Petrobras, which hasn’t determined whether the find can be developed commercially, made the discovery at well 1BRSA669BAS at a water depth of 2,336 meters (7,664 feet), the National Petroleum Agency said on its Web site. Petrobras operates the block and owns a 60 percent stake, while StatoilHydro’s Brazilian unit holds 40 percent. The Jequitinhonha Basin is off Brazil’s northeastern Bahia state.
The Brazilian company earlier this month said the worldwide credit crunch and the plunge in crude prices won’t lead it to scale back any plans to exploit deepwater finds such as the Tupi and Iara offshore fields, which hold enough oil to almost double Brazil’s reserves. StatoilHydro plans to expand its Brazilian exploration efforts to complement output from other regions.
StatoilHydro rose 0.9 percent to 115 kroner at 11:44 a.m. in Oslo. Petrobras shares climbed 0.2 percent to 6.40 euros in German trading.
Crude oil for January delivery fell as much as $2.27, or 4.2 percent, to $52.23 a barrel on the New York Mercantile Exchange today. Futures have dropped 64 percent since reaching a record $147.27 a barrel on July 11.
StatoilHydro Chief Executive Officer Helge Lund yesterday said the Stavanger, Norway-based company will maintain investments slated for 2009 and keep spending in later years under review.
Norway’s largest oil and gas company plans to begin output from its Peregrino offshore field in Brazil in 2010 and reach full production the next year, Jorge Camargo, the South American country’s unit president, said Oct. 31. Peregrino will represent about 5 percent of StatoilHydro’s output once it reaches full production.
The Peregrino field is about 85 kilometers (52.8 miles) off the shore of Rio de Janeiro state near Cabo Frio.
To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net
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