Thursday, September 11, 2008

Petrobras Brazil Tupi Santos Basin Oil Field Update

If you didn't know this already, Brazil could be sitting on the worlds largest oil field just off the Brazilian Coast called the Tupi Oil Field - Santos Basin. Below is an update on Petrobras ( PBR ) on the Tupi Field.

Petrobras announces that the consortium formed by the Company (operator, 65%), BG Group (25%) and Galp Energia (10%), to explore block BM-S-11, in ultradeep Santos Basin waters, completed the drilling of well 1-BRSA¬618-RJS (1-RJS-656) and proved the relevant discovery of light oil in the pre-salt reservoirs. The recoverable volume is estimated at 3 to 4 billion barrels of light oil and natural gas in that area.

When the light oil discovery made in Iara, on August 7 2008, was announced, the well was still being drilled in search of deeper objectives. These objectives were reached and the quality and porous thickness of the oil-bearing reservoirs proved to be even better than the initial expectations. The new discovery, communicated today to the NPA, was confirmed by a cable test and revealed the existence of light oil, with specific gravity between 26° and 30° API, in an area of some 300 square kilometers that has been very well defined seismically. The set of data that were collected, in association with the knowledge that has already been acquired for the pre-salt, allowed the above-mentioned volume to be calculated.