The Brazilian unit of Portugal's Galp Energia SA (GALP.LB) said late Tuesday it found traces of oil while prospecting in the Potiguar Basin, according to Brazil's National Petroleum Agency.
The find was made at the POT-T-440 onshore block in the Potiguar Basin on the border of Rio Grande do Norte and Ceara states. Petrogal Brasil Ltda. is lead operator of the block, with a 50% stake. Brazilian state-run energy giant Petroleo Brasileiro SA (PBR) owns the remaining 50%.
The Drillfor-02 rig spudded the 3GALP31RN well at the POT-T-440 block, drilling to a total depth of 780 meters, according to ANP drilling data.
Galp has disclosed a series of discoveries in the mature Potiguar Basin, which drew strong interest last year during the ANP's tenth-round auction of oil and natural gas concessions.
At the December 2008 auction, the ANP received bids on 14 of the 35 blocks available in the Potiguar Basin, with Galp and Petrobras teaming to buy stakes in five blocks.
Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 48 hours. The disclosures are routine, and do not indicate commercial viability.