Statoil hails Brazilian oil success

Norwegian energy company Statoil and its partners confirmed more than 700 million barrels of light crude oil exist in a block off the Brazilian coast. Statoil, along with operator Repsol Sinopec, a Spanish-Chinese consortium, and its partners at Brazilian energy company Petrobras confirmed "significant" potential exists at its BM-C-33 block in the Campos basin off the cost of Brazil. "The total estimated resources of the block amount to more than 700 million barrels of light crude and 3 trillion cubic feet of gas," Statoil said in a statement. The block includes the Seat, Gavea and Pao de Acucar discoveries in the Campos basin. Statoil in February said it discovered a "high-impact" oil discovery in the Pao de Acucar prospect about 120 miles off the coast of Brazil in 9,000 feet of water. The Norwegian company describes a high-impact discovery as one that contains more than 250 million barrels of oil equivalent.