Petrobras Announces Oil Discovery In Gulf

December 2011, Vol. 238 No. 12

Petrobras announced a new oil discovery in the extreme southwestern part of the Walker Ridge concession area, located in the U.S. Gulf ultra-deep waters.

The Logan discovery is 250 miles southwest of New Orleans at a depth of 7,750 feet. Further exploration activities will define Logan’s recoverable volumes and its commercial potential. Statoil is the operator with 35% stake. Petrobras holds 35% of the stake while Ecopetrol America and OOGC hold 20% and 10%, respectively.