Statoil discovers crude in Brazil

Statoil has made important discoveries of crude oil around its Pergrino South well in the Campos Basin off the coast of Brazil.

The discoveries, estimated to be between 150-300m barrels of oil equivalent (boe were made on either side of the newly opened main Peregrino field.  The discovery has been made in the pre-salt layers of the earth's crust, which means good quality oil but at very deep levels.

The Peregrino field is some 85km off the Brazilian coast at about 100m below sea level and currently includes two drilling and wellhead platforms and two storage units.  The discovery is in areas next to the main Peregrino South Field, although expectations of discovery from the main field are currently being played down.

In May last year, Norwegian-based Statoil sold 40% of the field to China's Sinochem Group for just over $3bn, with Statoil retaining the remaining 60%.