Statoil ASA (NYSE: STO) and partners Repsol Sinopec Brasil and Petrobras have struck oil off the coast of Brazil, in a deepwater offshore area called the Campos Basin, the Norwegian firm said on April 18.
The appraisal well encountered a 175-meters (574-feet) hydrocarbon column and produced around 16 million standard cubic feet of gas and 4,000 barrels per day of oil, Statoil said.
Repsol Sinopec Brasil is currently the operator with a stake of 35%, but Statoil will take over as operator in the third quarter. It has a stake of 35%, while Petrobras holds the remaining 30%.
Repsol Sinopec Brasil is a joint venture of Spain's Repsol and China's Sinopec.
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