The deposit, known as 1-SPS-35, is 485m deep and is located near the city of Santos, Brazil's largest port, 137km off the coast of the south-eastern state of Sao Paulo, one of the largest consumer markets in region.
The well was drilled to a final depth of 4,956m and recorded the occurrence of 100m of sandy gas reservoirs, which, in discharge tests, produced roughly 700 thousand cubic metres per day of gas and roughly 600 barrels per day of condensed (light hydrocarbon) indicating a gas production potential higher than 3 million cubic metres per day.
The company will also attempt to raise $550 million on foreign markets in mid-May.
Earlier this month Petrobras revised its expenditure forecast. Previously it had planned for $US20 billion expenditure in the period between 2003-2005. The new plan calls for $34.3 billion of investment over an extended period to 2007, including an increased 2003 budget of $7.2 billion, up form the $6.7 billion invested last year.
