Brazilian Oil Company Announces Natural Gas Find in Gulf of Mexico
RIO DE JANEIRO, Brazil Government-run oil company Petrobras on Tuesday announced a natural gas find at the first deep water rig operated by the company in the Gulf of Mexico.
In a statement, Petrobras said the natural gas which was found at a depth of 2,099 feet was of high quality.
The company said it planned to produce the gas as quickly possible, before the end of 2007.
Petrobras said it planned to spend some $1.5 billion between 2006 and 2010 on exploration and production in the deep waters of the Gulf of Mexico.
Petrobras had a monopoly on the exploration and production of Brazilian oil for 40 years, but Congress broke the monopoly in 1996.
In recent years Petrobras has expanded its international operations to oil rigs off the coast of Angola and in the Gulf of Mexico.
Petrobras is among the world's 15 biggest oil companies, pumping more than 2 million barrels of oil a day. Created in 1953, Petrobras had a monopoly on oil production until 1997, when the government opened the field to foreign investment.
Source: Associated Press