Brazil To Explore Under The Water

Brazilian state oil company Petrobras are going to start a three-month exploratory drilling operation in the BM-S-12 block in Santos basin off the coast of Santa Catarina state, according to the company?s release.

BM-S-12 is located 160km from the coast and has water depths of 270 meters.
It is close to the company's 2002 light crude find that led to production at the Cavalo Marinho field, which is also close to the Caravela, Coral and Estrela do Mar producing oil fields.
If oil is found in this block, production could start as early as 2007.

Petrobras obtained a 70% stake in the BM-S-12 in 2001, the remaining stake is held by Brazilian engineering firm Queiroz GalvAGPBo.