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Statoil announces new major find

Norway's Statoil together with operator Repsol Sinopec and partner Petrobras has confirmed a high-impact discovery in the Pão de Açúcar prospect offshore Brazil.

The partnership says it has made a high impact discovery in the Pão de Açúcar prospect located in the BM-C-33 block in the Campos Basin.  The well is located some 195 kilometres offshore Rio de Janeiro State in 2,800 metres of water.

A ”High-impact well” normally means a total of more than 250 million barrels of oil equivalent (boe), or 100 million boe net to Statoil.

This is Statoil's sixth major new find in the last 12 months. “Statoil’s exploration strategy focuses on high impact opportunities and the deepening of core areas. The Pão de Açúcar success shows that we are delivering on our strategy,”says executive vice president for Exploration in Statoil, Tim Dodson.

“Statoil has clear ambitions to grow in Brazil through new exploration opportunities. The Pão discovery will become an important building block in our growth ambitions,” says Kjetil Hove, country president for Statoil in Brazil.

The Pão de Açúcar well encountered two pre-salt accumulations comprising a hydrocarbon column of 480 metres with a total pay of around 350 metres. A test performed in a partial section of the pay zone flowed 5,000 barrels per day of light oil and 28.5 million cubic feet per day of gas. This was a choked Drill Stem Test (DST) with very limited drawdown.

The Pão de Açúcar discovery is the third find made in the BM-C-33 block after Seat and Gávea and confirms the area’s high potential.

Repsol Sinopec is operator of the exploration consortium with a 35% stake. Partners Statoil and Petrobras hold respective 35% and 30% shares.

Statoil is also the operator of the Peregrino field in Brazil, which came on stream in April 2011.

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