Oil industry find announced by Statoil

Statoil yesterday (April 14th) announced an oil industry find in offshore Brazil.

The discovery was made close to the Peregrino field, which is situated in the Campos Basin.

At a water depth of 120 metres, the 130-metre oil column was found during explorations, the Norwegian company revealed.

Additional work is expected to be carried out on the area to verify the approximated volumes.

"The results confirm the significant potential in the Peregrino area and underline the beliefs we have had in the upside," commented executive vice-president for exploration in Statoil Tim Dodson.

He added that the discovery demonstrates potential for further development in the region.

The company last week began oil production in the Peregrino field and is expected to yield the equivalent of 100,000 barrels of the substance each day.

Statoil has operations in 34 countries and has been working in the oil and gas industry for 35 years.