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Brazil Expects to Announce the Largest Oil Discovery in the World This Year

Brasilia, Oct 9, (RHC), -- Petrobras CEO Maria das Gracas Foster described as ‘simply exceptional’ the latest discovery of hydrocarbons off the coast of the north-eastern state of Sergipe on the Atlantic, which according to officials might be “the largest oil discovery in the world this year”.

Addressing the annual congress of the World Steel Association, Das Gracas said the company for the time being will not release any numbers, but stressed that it was an exceptional discovery.

Sergipe governor Jackson Barreto anticipated in Aracaju the regional capital that Mines and Energy minister Edison Lobao will be making official the discovery, and further details, on October 23rd.

The area offshore the states of Sergipe and Alagoas is part of the oil exploitation chronogram of Petrobras for 2018.

Apparently Petrobras and its Indian partner IBV Brasil have determined that their SEAL-11 block and adjoining areas about 100 kilometres off the coast contain more than 1 billion barrels of oil. If the find is as large as some expect, it would be the first major offshore discovery outside of the so-called sub-salt region 1,500 kilometres to the south.

Petrobras, the operator of SEAL-11, owns 60% of the block and IBV owns the rest. IBV is a 50-50 joint venture between India's Bharat Petroleum Corp and Videocon Industries Ltd.

Edited by Juan Leandro
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