May. 2012 - Repsol Sinopec Brazil reported that Block BM-C-33, in the deepwater Campos Basin, contains resources of more than 700 million barrels of light oil and 3 trillion cubic feet of gas. The partners are working on an appraisal plan for the area, which contains the recently discovered Seat, Gavea and Pao de Acucar fields. The latter is reportedly one of the world's top five discoveries in 2012. The latest well, Pao de Acucar, was drilled in approximately 9,186 feet (2,800 meters) of water and 121 miles (195 kilometers) from the coast of Rio de Janeiro, and found a 1,640 foot-thick (500 meter-thick) oil column. The consortium is preparing to submit an appraisal plan for submission to ANP.

Jun. 2011 - Repsol has made an oil discovery in the 1-REPF-11A-RJS well, informally known as Gavea, in the pre-salt area of the Campos Basin offshore Brazil. The company stated this find is the most significant made in the pre-salt area of the Campos Basin. Drilled by the Stena DrillMAX drillship, the well reached a final depth of 22,477 feet (6,851 meters) in a water depth of 8,884 feet (2,708 meters). The consortium is currently analyzing the results of the well before continuing with exploration and evaluation work in the area. Repsol operates the find, holding a 35% stake; Statoil holds 35%; and Petrobras holds 30%.