New Brazil discovery may be giant

Offshore staff

RIO DE JANEIRO, Brazil –A new field, Sugar Loaf in block BM-S-9 may contain up to 33 Bboe, Haroldo Lima, head of Brazil's National Petroleum Agency, said today.

Sugar Loaf is on a large structure that extends into the Carioca field in adjacent block and may also stretch into BM-S.21 and BM-S-22 blocks in Santos basin.
BM-S-9 is operated by Petrobras with a 45% stake, while BG Group holds 30% and Repsol-YPF 25%. The BM-S-21 block is operated by Petrobras with a 80% stake, while Galp Energia holds 20%. The BM-S-22 block is operated by ExxonMobil Corp. with a 40% stake, while Hess Corp. holds 40% and Petrobras 20%.

04/14/2008