September 26, 2008

Brazilian Company Petrobras Confirms Gas, Light Oil Discoveries

Brazilian company Petrobras confirms gas, light oil discoveries

RIO DE JANEIRO, Sept. 25 (Xinhua) -- Brazilian state-owned oil and gas company Petrobras on Thursday confirmed the existence of a large natural gas and light oil field in southeastern Brazil after its initial discovery earlier this year.

Petrobras announced in January that it had discovered the oil field, known as Jupiter, some 290 km off the coast of Rio de Janeiro.

The field, located 5,773 meters below the Atlantic Ocean, was explored by a consortium formed by Petrobras and Portugal's Galp Energy.

In addition to natural gas and light oil, experts also found a high content of carbon dioxide in the field.

Petrobras has yet to determine the total capacity of Jupiter. But the company said the oil and gas volumes will be estimated after fluid samples collected from the oil field are analyzed and new wells are drilled.

Jupiter is one of several oil fields discovered in Brazil last year that are expected to turn the nation into a major petroleum exporting nation.

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