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posted on Nov 17, 2009 08:57AM

Sonangol/Petrobras/Falcon Oil oil discovery off Angola

http://www.reuters.com/article/marketsNews/idAFLH57166420091117?rpc=44

LUANDA, Nov 17 (Reuters) - Angolan state-owned oil firm Sonangol and Brazil's Petrobras (PETR4.SA) have found a new oil field 1,500 metres below the ocean floor in Block 18/06 in Angola, state-owned news agency Angop reported on Tuesday.

The well, about 200 km north of the capital Luanda, has produced excellent quality oil, Angop cited a joint statement by the two companies as saying.

Petrobras is the block operator with a 30 percent stake in the venture. Sonangol Sinopec International Limited holds 40 percent, Sonangol P&P has 20 percent, Germinas has 5 percent and Falcon Oil (FO.V) the remaining 5 percent of the block.

Brazil's Trade and Development Minister Miguel Jorge said last week Petrobras was interested in developing Angola's ultra-deepwater oil exploration, known as pre-salt. [nLA610854]

Angola shares a similar underwater rock formation as Brazil, which in 2007 made a pre-salt discovery of some 8 billion barrels of crude in its Tupi field. (Reporting by Henrique Almeida)