Regulatory News

Petrobras said the oil and gas reservoir in the area called Pão de Açucar (Sugar Loaf), in the subsalt layer of the Campos Basin, have the potential of more than 1.2 million barrels. Located 195 km off the coast of Rio de Janeiro, the field was discovered in 2009 but only now has it been possible to estimate the size. According to estimates, it could be possible to get 700 million barrels of light oil and 545 million barrels of natural gas.

The announcement was made by Petrobras, but the company is a minority in the consortium that explores the area, with 30% of the business. The block is operated by Repsol Sinopec Brazil (a Spanish and Chinese company), which has 35% share, the same percentage as Norway's Statoil.

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