Petrobras announces an oil discovery has been made in Block 15/06, in deep Angolan waters in which, via its Petrobras Internacional Braspetro B.V. subsidiary, it holds 5% stakes. The discovery was made in well N´Goma-1, which is located some 350 kilometers away from Luanda. Sonangol E.P. is the block’s Concessionaire, while Eni Angola, the operator, with 35% stakes.

The other partners in the block are Sonangol P&P (15%), SSI Fifteen Limited (20%), Total (15%), Falcon Oil Holding Angola AS (5%), and Statoil Angola Block 15/06 AS (5%).

Well N´Goma-1 was drilled at a depth of 1,421 meters from the water line and at a total depth of 3,383 meters below the sea level. The well is in a productive hydrocarbon zone, with 127 meters of rocks impregnated with oil and gas. The oil that was extracted was tested and has an API gravity of 22.5º, above expectations and confirming the major potential of Block 15/06.

After the N´Goma-1 discovery, other delimitation wells will be drilled in neighboring structures aiming to evaluate the potential and to seek synergies for the development of the western portion of Block 15/06.

Petrobras kicked-off its operations in Angola in 1979. The company bets on the country’s potential and has investments in the order of $900 million planned for it for the 2008-2012 period, according to its latest Business Plan. Petrobras has its biggest offshore exploratory well campaign going on in Angola, the company’s fourth biggest individual investment abroad.