The Oil Daily articles from September 2007

The Oil Daily archives from September 2007

Long Lake oil sands costs continue to rise.
September 4, 2007... The Long Lake oil sands project is running into significant cost increases as well as a slight delay in the estimated startup date of the first phase, project partners Nexen and Opti Canada said Friday. Costs, previously estimated at C$5.3...

Norway may raise Barents Sea oil estimate.
September 4, 2007... Norwegian Petroleum Directorate (NPD) may increase its estimate of undiscovered oil resources in the Norwegian part of the Barents Sea by 20%, according to a Norwegian newspaper. Geologists have generally considered the Arctic more of a...

Mexican politician would like to see Pemex work with Petrobas.
September 4, 2007... Most Mexican congressmen would like to see state oil company Pemex collaborate with Brazil's Petrobras to develop Mexico's hydrocarbons sector, according to Senator Carlos Lozano de la Torre of the opposition PRI party. Lozano, a member of...

Legacy buys Permian assets.(Legacy Reserves)(Brief article)
September 4, 2007... Texas-based Legacy Reserves said Friday it has acquired oil and natural gas producing properties near its existing operations in the Permian Basin for $15.3 million. The acquisition from an unnamed seller is expected to close by early...

Bush, Bernanke and Atlantic storms push crude above $74.
September 4, 2007... Atlantic storm activity and an assurance that the US central bank will "act as needed" to support the economy boosted crude futures to fresh four-week highs on Friday. Speeches by US President George W. Bush and Federal Reserve Chairman...

Daily oil & gas price review.(Statistical table)
September 4, 2007... Daily Oil & Gas Price Review Prices for Friday, August 31, 2007 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.73 68.31 67.31 70.90 LLS (St. James)...

Sweets and sours weaken on wide WTI-Brent spread, influx from Canada.(West Texas Intermediate)
September 4, 2007... The US physical crude market weakened last week on a wider West Texas Intermediate (WTI)-Brent spread and a growing influx of Canadian crude into the US Midcontinent. The surprising strength in the New York Mercantile Exchange (Nymex) futures...

US rig count up by 13.(Baker Hughes Drilling Report)(Brief article)
September 4, 2007... The number of drilling rigs searching for oil and gas in the US rose by 13 last week to 1,829, Baker Hughes said Friday. During the same week last year, there were 1,732 rigs at work. The number of rigs searching for oil in the US fell...

Fundamentals waylay October natural gas contract.
September 4, 2007... While Nymex September gas futures fell toward lower territory at expiry, October gas initially found some legs late last week amid concerns of tropical developments over the three-day weekend. But prices collapsed again in late trading Friday...

Bodman urges Congress to approve funding.
September 4, 2007... US Energy Secretary Samuel Bodman has urged Congress to pass a spending bill before the end of the 2007 fiscal year that President Bush would approve. Failure to approve the 2008 Energy and Water Appropriations Act before the end of the...

New greenhouse gas target set.(Brief article)
September 4, 2007... Industrial nations agreed on Friday to consider stiff 2020 goals for cutting greenhouse gases in a small step towards a new long-term pact to fight climate change. About 1,000 delegates at the Aug. 27-31 UN talks set greenhouse gas...

Chevron sells credit business.(Finance)(Brief article)
September 4, 2007... Chevron said its Chevron USA and Chevron Credit Bank units have agreed to sell their respective proprietary credit card businesses. GE Money Bank, a unit of General Electric, will own and operate the company's Chevron-and Texaco-branded...

Thailand pressures US refiners.(International)(Brief article)
September 4, 2007... Exxon Mobil and Chevron are under pressure from Thailand's military-appointed government to make good on a pledge made 15 years ago to list shares in their Thai refining subsidiaries on the local stock market. Esso (Thailand), a unit of...

Documents sought from Chevron.(International)(Brief article)
September 4, 2007... A US federal judge has ordered Chevron to provide the defense team for former Yukos Chief Executive Mikhail Khodorkovsky with information collected about the now-defunct Russian company when Chevron was considering purchasing a stake in Yukos...

ONGC teams up with BP.(International)
September 4, 2007... India's Oil and Natural Gas Corp. (ONGC) has signed an agreement with oil major BP to jointly bid for energy assets in India and abroad. "We are in need of deepsea exploration and production domain knowledge, and this tie-up will help us...

Kazakhstan wants compensation.(International)(Brief article)
September 4, 2007... Kazakhstan wants compensation of "tens of billions of dollars" from a group of companies led by Eni for cost overruns and delays at the giant Kashagan oil field development, the country's deputy finance minister told the Wall Street Journal....

Stock market scorecard.(International)(Statistical table)
September 4, 2007... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 8/31 Chg. % Chg. 10-Day 52-Wk YTD Hess 61.37 +2.75 +4.69% +11.10% +26.64% +23.80% Shell-B ...

Ecuador hires US law firm.(Latin America)(Greene & MacRae)(Lamb)(Brief article)
September 4, 2007... The government of Ecuador has hired a New York-based law firm to represent it in the arbitration of its dispute with Occidental Petroleum , according to government officials. Ecuador decided to hire the firm of LeBoeuf, Lamb, Greene &...

Argentina extends pipe deadline.(Latin America)(Brief article)
September 4, 2007... Argentina's state-owned oil company Enarsa has extended the bidding deadline to supply equipment for building a pipeline that will increase natural gas imports from neighboring Bolivia, amid reports of heavy interest from foreign firms. ...

Vantage Energy closes rig deal.(Offshore)(Vantage Energy Services acquires Cayman Islands)(Brief article)
September 4, 2007... Vantage Energy Services has wrapped up a $331 million deal to take over a Cayman Islands-registered company, including four jack-up rigs that are currently being built for the company in Singapore. Under the terms of the agreement,...

Chinese service firms go global.(Oil Field Service)
September 4, 2007... The global presence of China Oilfield Services Ltd. (COSL) is arguably expanding even faster than the Chinese state oil firms it counts as key customers. The Chinese offshore player announced in May its first drilling contract in the Gulf...

Baker Hughes COO retires.(Personnel)
September 4, 2007... Baker Hughes said Friday that its president and chief operating officer, Rod Clark, will retire effective Jan. 31, 2008. Chad Deaton, current chairman and chief executive, will assume the position of president at that time. "Through his...

Berry Petroleum names COO.(Personnel)
September 4, 2007... Berry Petroleum said on Friday Michael Duginski had been appointed executive vice president and chief operating officer, effective Sep. 1. Duginski will continue to report to Robert Heinemann, president and chief executive officer, the...

Copano moves into Wyoming with Cantera buy.(acquisitions of Copano Energy and Metalmark Capital)
September 5, 2007... Houston-based midstream natural gas company Copano Energy said Tuesday it has signed an agreement with private equity firm Metalmark Capital to acquire Denver-based Cantera Natural Gas, providing it with a presence in Wyoming's Powder River...

Tullow boosts estimate for Ghana discovery.
September 5, 2007... Anglo-Irish independent Tullow Oil has raised the reserve estimate for its recent Mahogany discovery offshore Ghana, which it now says could hold up to 1.3 billion barrels of gross recoverable reserves. Tullow had previously estimated that...

Oil shares slip on lower oil prices, weaker refining margins.
September 5, 2007... Oil equities moved lower again in August, marking the second straight month of declines for oil investors. A mix of slightly lower oil prices, weaker refining margins and investor concerns regarding the overall health of the stock market in...

Renewables mandate kicks in.(renewable fuels standard)(Brief article)
September 5, 2007... The nation's first renewable fuels standard (RFS) program went into effect Sep. 1. The program requires that all transportation fuels contain at least 7.5 billion gallons of ethanol, biodiesel or other fuels made from renewable sources by 2012....

US crude tops $75 as refinery outages support gasoline.(Brief article)
September 5, 2007... US crude futures rose above $75 a barrel on Tuesday on concerns about refinery outages and a tight cash market for gasoline. Strong fundamentals made up for any downward pressure on prices caused by Hurricane Felix weakening as it came ashore...

Daily oil & gas price review: prices for tuesday, september 4, 2007.(Statistical table)
September 5, 2007... US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.30 69.61 67.88 67.87 LLS (St. James) +1.30 75.71 74.16 73.17 ANS (California) +1.34 ...

Indonesia poised to offer incentives to boost exploration in frontier regions.
September 5, 2007... Indonesia will likely announce new upstream incentives next week for oil companies exploring its lightly explored frontier regions, according to a senior official at the country's upstream regulator, BP Migas. Among sweeteners likely to be...

Cooling degree days: for the week of sep. 1, 2007.(Statistical table)
September 5, 2007... Cooling Degree Days For the week of Sep. 1, 2007 - Week Dev - - Cum Dev - From From From Week From Year ...

Shell signs deal to supply Gorgon LNG to PetroChina.(Royal Dutch-Shell PLC)(PetroChina Company Ltd.)(liquefied natural gas)(Brief article)
September 5, 2007... Royal Dutch Shell has signed a 20-year deal to sell 1 million tons per year of LNG to PetroChina, primarily from the delayed Gorgon project offshore Western Australia. The two companies said Tuesday they had signed a Heads of Agreement...

Patterson CEO to retire.(Cloyce Talbott of Patterson-UTI Energy Inc.)(Brief article)
September 5, 2007... Patterson-UTI Energy said Tuesday Chief Executive Cloyce Talbott will retire on Sep. 30. The company named Douglas Wall, a former group president with Baker Hughes, as his successor The onshore contract drilling contractor said Talbott...

Chesapeake shuts in gas wells.(Top Briefs)(Chesapeake Energy Corp.)(Brief article)
September 5, 2007... Chesapeake Energy issued a wide-ranging strategy update late Tuesday, announcing plans to shed some upstream assets and spin off its midstream assets into a master limited partnership (MLP). But most interestingly, the gas producer unveiled...

Technip wins Petrobras deals.(Corporate News)(Petroleo Brasileiro S.A.)(Brief article)
September 5, 2007... French oilfield services group Technip said on Tuesday it has won three major subsea pipeline contracts from Brazil's Petrobras worth a total of around $270 million. The contracts involve work on pipelines for deepwater development projects...

Alaska oil shows yr/yr gain.(Exploration & Production)(Financial report)(Brief article)
September 5, 2007... Summer maintenance took a moderate bite out of Alaskan oil production in August, but volumes stayed comfortably above August 2006 at 672,500 b/d--down 29,100 b/d from July, but 43,000 b/d ahead of a year earlier. In August 2006, additional...

Sakhalin-2 imports Alaska LNG.(International)
September 5, 2007... The Gazprom-led Sakhalin-2 oil and gas project will import a second liquified natural gas (LNG) cargo from Alaska later this year, company chairman Ian Craig said on Tuesday. The cargo will shorten the commissioning period for the project's...

Stock market scorecard.(Statistical table)
September 5, 2007... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 9/4 Chg. % Chg. 10-Day 52-Wk YTD Statoil 29.88 +1.10 +3.82% +9.37% +10.54% +13.53% Norsk Hydro...

Sonatrach cancels LNG deal.(International)(liqified natural gas)(contracts of Gas Natural SDG S.A. and Repsol YPF S.A. (Madrid, Spain))(Brief article)
September 5, 2007... Algeria's Sonatrach has terminated a 2004 agreement with Spain's Repsol YPF and Gas Natural to develop the 4 million ton per year integrated Gassi Touil LNG project. Sonatrach, citing delays in the investment plan for Gassi Touil, now plans to...

Sakhalin-1 export delays.(International)(Brief article)
September 5, 2007... In a further setback for Exxon Mobil, Russian state gas monopoly Gazprom continues to press its claim to gas volumes from the Sakhalin-1 project operated by the US supermajor, recently reiterating that it expects all gas produced from the...

Petrobras eyes Amazon fields.(Latin America)(Petroleo Brasileiro S.A.)
September 5, 2007... Brazil's Petrobras expects to bring on stream three new natural gas fields in the Amazon by 2012 to replace production from the rapidly depleting Urucu field, a company director said on Monday. Petrobras exploration and production director...

Tax bill for Cerro Negro.(Latin America)
September 5, 2007... Venezuela's Seniat tax authority on Monday said it has hit the Cerro Negro Orinoco Belt heavy crude project--which until recently was partly owned by Exxon Mobil--with a $164 million back tax bill. Exxon abandoned its stake in the project...

Pipeline to open in October.(Latin America)(Brief article)
September 5, 2007... A natural gas pipeline being built to link Colombia and neighboring Venezuela will be inaugurated on Oct.12, Venezuela's President Hugo Chavez said Friday. Earlier this year, Venezuela said construction of the 110 mile underwater gas...

Sojitz buys into Texas field.(Mergers & Acquisitions)(Sojitz Corp.)(Carthage natural gas field)(Brief article)
September 5, 2007... Japanese trading firm, Sojitz Corp., has acquired a stake in the Carthage natural gas field in Texas from several companies in a deal valued at $82 million. The Tokyo-based company only identified one of the other companies involved in the...

General Electric to buy Sondex.(Mergers & Acquisitions)
September 5, 2007... US conglomerate General Electric has agreed to buy British oilfield services firm Sondex for 288.7 million pounds ($583.1 million) in cash, the two firms said Monday. General Electric, whose interests span technology, media and financial...

Legacy acquires Texas property.(Mergers & Acquisitions)(Legacy Reserves)(Brief article)
September 5, 2007... Texas-based Legacy Reserves has signed an agreement to acquire producing oil and natural gas properties in the Texas Panhandle region for $60.5 million. The properties hold estimated proven reserves of approximately 3.95 MMboe and have...

Chesapeake works to balance US gas market.(Chesapeake Energy Corp.)
September 6, 2007... When one of the top natural gas producers in the US decides to shut in some wells because of weak commodity prices, the move could be interpreted as a sign of trouble in the North American gas market. But Chesapeake Energy's top executive...

Alaska governor proposes new oil tax regime.(Sarah Palin)
September 6, 2007... Alaska Gov. Sarah Palin has unveiled a plan to boost the state's royalty rate on oil production, saying the existing tax system is tainted by political corruption and has failed to work as promised. The proposal would create a hybrid...

Crude prices hover above $75 ahead of weekly supply data.(Brief article)
September 6, 2007... Crude prices stayed above $75 on Wednesday ahead of the weekly US petroleum inventory report. Supply worries, stoked by refinery glitches and anticipation of an active second half of the Atlantic hurricane season, also lent support to prices....

Daily oil & gas price review.(Statistical table)
September 6, 2007... Daily Oil & Gas Price Review prices Wednesday, September 5, 2007 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.74 70.35 68.70 68.20 LLS (St....

Data shows global oil demand outrunning supply in August.
September 6, 2007... A relatively small increase in global products consumption in August was enough to create a 1 million barrel per day gap between worldwide oil supply and demand. Oil consumption was a fairly modest 750,000 b/d higher than in August 2006,...

Arctic gas pipe officials stay hopeful despite major setbacks.
September 6, 2007... Despite skepticism from major producers about their commercial viability, officials responsible for advancing two major Arctic natural gas pipelines remain committed to the projects, which they say would lower energy prices and enhance energy...

Petrobras starts work on refinery without Venezuelan partner.(Petroleo Brasileiro S.A.)(etroleos de Venezuela)
September 6, 2007... Brazilian state-controlled oil company Petrobras has started to build a heavy crude refinery in the state of Pernambuco without the expected participation of Venezuela's state-owned oil company Petroleos de Venezuela (PDV). The $4 billion...

Fledgling Canadian firm eyes oil sands opportunity in Kentucky.
September 6, 2007... Despite concerns about escalating costs, companies from around the world continue to invest in Canadian oil sands projects, lured by the enormous scale of the bitumen resources in northern Alberta. But one newly formed Canadian company...

Total trims output target.(Corporate News)(Brief article)
September 6, 2007... Total has trimmed its medium-term production growth target to allow for the impact of higher oil prices on some of its production sharing contracts and problems relating to certain key projects. The French major confirmed Wednesday it is...

Madagascar awards block.(International)(Madagascar Discovery Co.)(Candax Energy and EAX)(Brief article)
September 6, 2007... Madagascar has awarded its onshore Antisiranana Block 1101 to a joint venture including Canada's Candax Energy and East Africa specialist EAX, an affiliate of Dubai-based Black Marlin Energy, EAX said Wednesday. Candax will have a 60%...

Exxon OKs Singapore cracker.(International)
September 6, 2007... Exxon Mobil has given a green light to plans to build a second steam cracker complex which could double ethylene output at its integrated Singapore refinery and petrochemical plant. The project is expected to start up in early 2011, Exxon...

Repsol to supply Mexico LNG.(Latin America)(Repsol YPF S.A.)(Brief article)
September 6, 2007... Repsol YPF was the sole bidder on Tuesday to supply liquefied natural gas (LNG) to a terminal to be built on Mexico's Pacific Coast, the Federal Electricity Commission (CFE) reported. The Spanish company will likely be declared the winner...

Stock market scorecard.(Statistical table)
September 6, 2007... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 9/5 Chg. % Chg. 10-Day 52-Wk YTD Norsk Hydro 38.86 +0.71 +1.86% +14.13% +46.15% +26.70% Statoil ...

BP settles Texas City case.(Litigation)(British Petroleum Company PLC)(Brief article)
September 6, 2007... One of five lawsuits in the first trial stemming from the deadly explosion at BP's Texas City plant was settled before a jury was set to hear the case Wednesday. But jurors were still set to hear opening statements in the trial of the four...

Wyatt trial opens in New York.(Litigation)(Oscar Wyatt)(Brief article)
September 6, 2007... Jury selection began Wednesday in the trial of Oscar Wyatt, the veteran Texas oilman accused of paying Saddam Hussein's government illegal surcharges under the UN-supervised Oil-for-Food program. Opening arguments are expected Thursday in...

UK bank buys Lovegrove.(Mergers & Acquisitions)
September 6, 2007... UK bank Standard Chartered said Wednesday it has agreed to acquire Harrison Lovegrove, a global oil and gas mergers and acquisitions advisory firm, for an undisclosed amount. The deal is expected to close by late October. Lovegrove has...

Oregon LNG terminal proposed.(Natural Gas)(Brief article)
September 6, 2007... Units of Fort Chicago, Williams Cos. and PG&E Strategic Capital are seeking Ferc approval to construct a liquefied natural gas (LNG) import terminal near Coos Bay, Oregon, and an interstate natural gas pipeline to tie the LNG facility into...

Valero CEO warns on refinery outages.(Bill Klesse )
September 6, 2007... About 250,000 b/d of US refining capacity is expected to be offline this fall because of planned and unplanned outages, but the number could end up being much higher if last year is any guide, Valero Chief Executive Bill Klesse told the Lehman...

Woodside LNG project advances.(Natural Gas)(Liquefied natural gas)(Brief article)
September 6, 2007... Woodside Petroleum's proposed Oceanway LNG receiving facility offshore Los Angeles took a vital step closer to getting a green light after its application for a deepwater port license was formally "deemed complete" by US regulatory authorities,...

Noble takes delivery of new rig.(Offshore)(Noble Corp.)(Brief article)
September 6, 2007... Houston-based offshore drilling contractor, Noble Corp., has taken delivery of the Noble Roger Lewis, a new high-specification jackup rig. Noble said the rig is the first of three such units being built for the company at a shipyard in...

Spectra plans system expansion.(Pipelines)(Brief article)
September 6, 2007... The Maritimes & Northeast Pipeline (M&NE) system has begun a $320 million construction project to double the line's capacity and increase the volumes of natural gas it can deliver from Canada into the US Northeast, operator Spectra Energy said...

US margins rebound.(Refining)(Financial report)(Brief article)
September 6, 2007... US refining margins rebounded last week, gaining $1.19 to average $13.96 per barrel, according to analysts at AG Edwards. Margins are running at an average of $13.55/bbl for the third quarter to date, down from $25/bbl in the second quarter. In...

Chalmette starts FCC work.(Refining)(fluid catalytic cracking)(Chalmette Refining)(Brief article)
September 6, 2007... Chalmette Refining has started planned work on a 71,600 b/d gasoline-making fluid catalytic cracking unit at its refinery in Louisiana, a company spokesman said on Wednesday. The work, which was originally set to begin on Aug. 20, started...

TNK-BP seeks expansion outside Russia.
September 7, 2007... Russian UK joint venture TNK-BP is looking to expand, moving outside Russia and using the experience gained from rehabilitating mature Russian fields to win similar business in other former Soviet countries where it has a "distinct competitive...

Kazakhstan seeks bigger role in Kashagan.(KazMunaiGas)(Eni S.p.A.)
September 7, 2007... Kazakhstan's prime minister Thursday turned up the heat on the Eni-led consortium developing the Kashagan oil field by repeating the government's view that state oil and gas company Kazmunaigas should be joint operator of the troubled project....

Conoco says Orinoco compensation could go to arbitration.
September 7, 2007... ConocoPhillips says that despite Venezuela's assurance that it will pay market value to compensate the US major for the nationalization of two heavy oil projects in the Orinoco river belt, no agreement has been negotiated yet, leaving open the...

Crude briefly tops $77 on Nigeria threats and inventory draw.
September 7, 2007... Geopolitical tensions and a drop in US crude inventories pushed oil futures higher on Thursday. Crude on the New York Mercantile Exchange (Nymex) closed above $76, its highest settlement price in more than a month. Reports early in the day...

Daily oil & gas price review.(Statistical table)
September 7, 2007... Daily Oil & Gas Price Review Prices for Thursday, September 6, 2007 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.54 70.89 69.35 67.96 LLS (St....

EIA Weekly Statistics.(Energy Information Administration )(Statistical table)
September 7, 2007... EIA Weekly Statistics August 31, 2007 For Week Ended EIA Weekly Statistics For Week Ended August 31, 2007 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week...

PetroChina signs deal to buy LNG from Browse project.
September 7, 2007... In a deal worth up to A$45 billion (US$37 billion) Australia's Woodside Petroleum has signed an agreement with PetroChina to sell the Chinese company 2 million-3 million tons per year of LNG from its Browse project. The deal follows...

Firms eye syngas program.(Corporate News)(Synthesis Energy Systems)(Brief article)
September 7, 2007... Synthesis Energy Systems and Consol Energy have announced plans to investigate the development of coal gasification technology to convert waste coal into synthetic natural gas that can be used to create fertilizer, petrochemicals and...

Fujian complex receives funds.(Finance)(Fujian Refining & Petrochemical Co. Ltd.)(Brief article)
September 7, 2007... Fujian Refining & Petrochemical Co. Ltd.--a joint venture of Sinopec, Saudi Aramco and Exxon Mobil--is progressing with plans to expand its refining and petrochemical operations in China, announcing Thursday that the company has secured $4...

Rosneft plans Kamchatka wells.(International)(Brief article)
September 7, 2007... Rosneft plans to invest some $270 million-$ 300 million next year to drill the first two wells under its West Kamchatka exploration license which covers 62,000 sq km in Russia's Sea of Okhotsk, company president Sergei Bogdanchikov said. ...

TransGlobe buys Egypt fields.(International)(Transglobe Energy Corp.)(Brief article)
September 7, 2007... TransGlobe Energy has agreed to purchase two privately held companies with interests in eight development leases and infrastructure in the West Gharib Concession area of Egypt for $59 million. The company will acquire operatorship of seven...

Lukoil expands in Asia.(International)(OAO Lukoil)(Brief article)
September 7, 2007... Russia's Lukoil is expanding in Asia, signing a joint exploration deal in Indonesia and holding talks in China later this week. The moves could involve asset swaps that could result in a reshuffle of Lukoil's upstream portfolio in the Caspian...

Argentina shuts Shell refinery.(Latin America)(Royal Dutch-Shell PLC)(Brief article)
September 7, 2007... Argentina's government on Wednesday ordered the closure of a 100,000 b/d Royal Dutch Shell refinery in Buenos Aires province, citing environmental concerns. The move comes amid increasing tensions between the company and the government of...

BPZ Energy strikes Peru oil.(Latin America)(Brief article)
September 7, 2007... Houston-based BPZ Energy said Thursday a well in the Corvina field offshore northwest Peru tested at a rate of 1,700 b/d of oil. The discovery was made during the first drillstem test which perforated the Upper Zorritos formation at around...

Petrobras finds oil in Santos.(Latin America)
September 7, 2007... Petrobras has discovered light oil with an exploratory well located in Block BM-S-9 in the Santos Basin, 273 kilometers off the coast of Rio de Janeiro. The Brazilian company is the well's operator and has a 45% stake in a consortium with...