Brazil Finds Another 2 Billion Barrels of Light Oil

State-controlled oil multinational Petrobras informed Friday, November 21, that it has discovered new reserves of light oil in the pre-salt area along the coastline of the state of EspÀ­rito Santo, in the Brazilian Southeast.

In a press release, the enterprise reports that it is located in the area known as "Parque das Baleias" (Whale Park), north of the Campos Basin.

"The recoverable volume of discoveries, made in pre-salt reservoirs below the heavy oil fields of Baleia Franca, Baleia Azul and Jubarte, is estimated to be among 1.5 billion and 2 billion barrels of oil equivalent," according to the release.

The discovery was communicated to Brazil's National gasolineeum, Natural Gas and Biofuel Agency (ANP) as a relevant fact.

According to Petrobras, the two wells drilled are located approximately 80 kilometers off the coast. In these two wells, reservoirs are located between 4,200 and 4,800 meters below sea level, and have porous thickness with oil at 190 and 300 meters, which attests to the great potential of the findings.

According to the state-owned company, so far, six wells have already been drilled in the pre-salt section of Espí­rito Santo, all of which were successful. After the new discoveries, the estimated total oil volume in the Whale Park area, including reservoirs located above and below the salt layer, already totals to approximately 3.5 billion barrels of oil.

"The excellent results of those two drillings, the excellent results of the long-term tests at the first well to be drilled, 1-ESS-103A, and the logistic facilities already installed and being installed in the area are leading Petrobras to intensify its studies so as to speed up production in the pre-salt layer in the state of Espí­rito Santo," according to the release.