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This excerpt taken from the PBR 20-F filed May 22, 2009. Santos
Basin
The Santos Basin, which covers approximately 348,900
km2
(86 million acres) off the city of Santos, in the State of
São Paulo, is one of the most promising exploration areas
offshore Brazil and the focus of our plans to develop domestic
natural gas. At December 31, 2008, we produced oil from one
field at an average rate of 1.8 mbbl/d and held proved crude oil
reserves representing 0.5% of our total proved crude oil
reserves in
Brazil. At December 31, 2008, we produced natural gas at
an average rate of 0.721
mmm3/d
(25.46 mmcf/d) and held proved natural gas reserves in the
Santos Basin representing 17% of our total proved natural gas
reserves in Brazil.
In January 2006, we approved the U.S.$18 billion ten-year
Master Plan for Development of Natural Gas and Oil Production in
the Santos Basin, which will substantially increase our gas
production to meet increasing domestic gas demand. We
subsequently established a second plan, known as Plangas, to
accelerate gas production and build supporting infrastructure in
the Santos and Espírito Santo basins. As part of this plan,
we are developing the Mexilhão and Urugua-Tambau deepwater
fields described below. We expect these investment plans to
increase our average gas production from the Santos Basin from
0.66 mmm3/d
(23.3 mmcf/d) in 2008 to 11.4
mmm3/d
(402.5 mmcf/d) in 2010.
Gas development plans for the Santos Basin include:
On December 31, 2008, we held exploration rights to 62
blocks in the Santos Basin, comprising 36,259.54
km2
(9.0 million acres).
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