Oil Cos. Seek Riches In Atlantic Ocean Presalt Fields

Law360, New York (April 15, 2013, 6:17 PM EDT) -- A geological formation found only in the deep-water Atlantic Ocean off the Brazilian and West African coasts that could hold as much as 50 billion barrels of oil has spurred several recent billion-dollar service deals and may lead to record capital expenditures by big oil companies, according to industry experts.

The existence of vast quantities of oil beneath the so-called presalt layer — a collection of salt under the sea floor that can be up to 6,500 feet thick — was proven in the mid-2000s, when...
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