Repsol, Statoil Find Major Presalt Oil Field Off Brazil

Law360, New York (February 27, 2012, 8:06 PM EST) -- A consortium of major oil and gas companies including Repsol Sinopec Brazil, Statoil ASA and Brazil's Petrobras SA on Monday announced the discovery of one of the thickest presalt oil and natural gas fields in Brazil to date.

The Pao de Acucar, or Sugar Loaf, prospect is a layer of subterranean deepwater oil estimated to be 500 meters (1,640 feet) thick. The field is being labeled high-impact, with the potential to produce more than 250 million barrels of oil equivalents, according to parallel statements the companies...
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