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Oil and gas junior Alvopetro says its Gomo onshore discovery will allow the company to capitalize on Brazil's escalating demand for natural gas.
In a statement, the Brazilian firm said tests of the first tight oil well at the Recôncavo basin's block 197 showed high production potential in the area.
"The strong demand for natural gas and high energy prices in northeastern Brazil place us in an excellent position to commercialize our discovery," Alvopetro's CEO Corey Ruttan said.
The company is also expecting positive results from ongoing drilling of the first well at block 183, Ruttan added.
Three additional prospects have been earmarked for spudding by December.
The Salvador-based company holds a stake in 16 onshore exploration blocks covering 60,096ha gross (59,815ha net).
BNamericas will host its second LatAm Oil & Gas Summit in Houston, Texas, on September 10-11. Click here to download the agenda.