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Galp says new well in Brazil finds light oil
March 20, 2012 / 12:26 PM / 6 years ago

Galp says new well in Brazil finds light oil

LISBON, March 20 (Reuters) - A new well drilled in Brazil at deepwater block BM-S-8 confirmed the presence of crude oil, said Portuguese oil company Galp, part of a consortium drilling in the prolific Santos basin area.

The well, known as Carcara, was drilled as part of an evaluation plan of the Bem-te-vi oil find, some 20 km (12.4 miles) away. The crude samples found are around 31 degrees API. Drilling will continue to determine the lower limit of the reservoir, Galp said on Tuesday.

Galp holds a 14 percent stake in the consortium, while Brazilian state oil company Petrobras has 66 percent. Brazilian firms Queiroz Galvao and Barra Energia hold the remaining 20 percent.

Galp is also part of a consortium that has tapped the giant Lula/Tupi field off Brazil’s coast.

Galp shares were 0.7 percent lower at 13.4 euros ($17.74), underperforming the broader market in Lisbon as oil prices slipped on Tuesday.

$1 = 0.7552 euros Reporting By Andrei Khalip, editing by Jane Baird

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