The Santos basin: lies off Brazil
Petrobras says Santos gas find is viable
Brazil's state-run outfit Petrobras said that natural gas reservoirs found in January by a consortium with Spain's Repsol are commercially viable.
The light oil and gas reservoirs were considered of "great importance" with a total volume "in situ" estimated at 88.5 million cubic meters - about 550 million barrels of oil equivalent, Petrobras said in a statement.
The new field, known as Piracuca, is above the salt layer in the BM-S-7 block in the Santos basin.
It lies off the coast of Sao Paulo state, about 200 kilometers from the city of Santos in a water depth of 200 meters.
Petrobras has a 63% stake in the consortium, with Repsol controlling the remainder. The discovery was confirmed on 26 January