Repsol

Second big discovery in Brazil offshore

Repsol announces a new oil discovery adjacent to Carioca

• The Guara discovery confirms the Santos Basin in Brazil as one of the most promising deepwater areas in the world 

• The new discovery has found high quality oil at a 5,000 meter depth 

• The consortium is formed by Petrobras (45%), BG (30%) and Repsol (25%) 

• This consortium will develop the necessary investments and activities required to define the magnitude of the Carioca and Guara discoveries.

Press Release

13 June 2008 11:52 CET

Repsol announced today the discovery of a new oil field in the deepwaters of the Santos Basin in Brazil. The new well called Guara is located in the BM-S-9 block, adjacent to Carioca, discovered at the end of 2007, according to first evaluations it has significant light oil resources.

In this new field discovered by the consortium: Petrobras (45% operator), BG (30%) and Repsol YPF (25%), 310 km off the Sau Paulo Coast, the presence of light crude oil with a density of around 28º API at a depth of 5,000 meters has been identified.

The Guara discovery is the second in the BM-S-9 block after Carioca, one of the 10 key projects of the 2008-2012Repsol Strategic Plan, and confirms the high potential of this region identified as one of the main growth areas of the company. 

This well is being drilled searching for possible oil reservoirs at deeper structures. Once this phase is over, the consortium will continue with its activities and the necessary investments in order to appraise the size of the Carioca and Guara discoveries in more precise manner. 

In order to execute this phase, the consortium will request authorization to the Autoridad Nacional del Petróleo of Brazil (ANP) for the evaluation plan of the Guara field, similar to that obtained for the Carioca discovery.