Thursday, September 25, 2008

Petrobras: Jupiter Is "Tupi-Sized"

Another 8 billion barrels: Galp Rises; Petrobras Confirms `Large' Deposit at Jupiter Find.

Sept. 25 (Bloomberg) -- Galp Energia SGPS SA, Portugal's biggest oil company, climbed as much as 3.6 percent in Lisbon trading after Petroleo Brasileiro SA said tests confirmed a ``large'' deposit of natural gas and light crude oil in the Brazilian offshore well known as Jupiter.

Lisbon-based Galp advanced as much as 45.5 cents to 13.255 euros, and traded at 13.01 euros as of 9:58 a.m. in the Portuguese capital. The stock has dropped 29 percent this year for a market value of 10.8 billion euros ($16 billion).

Petrobras, as Brazil's state-controlled oil company is known, last night said it will be able to provide a more- detailed estimate of oil reserves in the 1-BRSA-559A-RJS well after further analysis. Petrobras said Jan. 21 that the Jupiter deposit appeared to be ``Tupi-sized,'' a reference to a nearby prospect that it estimates may have 8 billion barrels of oil.

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