Repsol is the operator with a 40% stake in the BM-S-48 block; Petroleo Brasileiro SA (Petrobras) has 35% and Companhia Vale do Rio Doce SA and Woodside Petroleum Limited each have 12.5%.

It is too early to make a reserve estimate for Panoramix, but test flows are satisfactory and enough to ensure commercial viability, Repsol’s exploration and production director, Nemesio Fernandez Cuesta said.

Panoramix is situated 180 kilometers off the coast of Sao Paulo state in a water depth of 170 meters.

Repsol on January 15, 2009 had already informed Brazil’s National Petroleum Agency that it discovered traces of hydrocarbons at Panoramix, but only on May 11, 2009 announced the well as discovery after test flows proved satisfactory.

Fernandez also said that Repsol’s recent Brazilian discoveries will begin to produce cash for the company in 2013 or 2014.

At that time, Fernandez also hopes first production from the BM-S-9 block farther off Brazil’s coast, where Repsol has a 25% stake. Petrobras is the operator of the block with a 45% stake, and BG Group PLC has 30%. The block comprises of the Guara, Carioca and Iguacu finds.

Fernandez hopes production of around 200,000 barrels per day from the block by 2013 or 2014, of which 50,000 barrels a day would correspond to Repsol.