Brazil and Spain Join Forces to Explore Brazilian Oil

Brazil is partnering with Spain to explore its oil. The consortium formed by Brazil's government-controlled oil and gas multinational Petrobras (63%, operator) and Spain's Repsol (37%) has delivered a Declaration of Commercial Viability for a light oil and gas discovery made in reservoirs located above the salt layer, in block BM-S-7, in the Santos Basin.

This discovery was announced after the completion of well 6-BRSA-661-SPS (6-SPS-53), on January 26 2009.

The new field, called Piracucá, is located off the coast of the State of São Paulo, some 200 kilometers from the city of Santos, in a water depth of 200 meters. The total in situ volume of the field is estimated at 88.5 million cubic meters (about 550 million barrels of oil equivalent).

The Declaration of Commercial Viability was made pursuant to the Concession Agreement for Block BM-S-7 according to the term established in the Evaluation Plan submitted to the NPA and it is the outcome of intense exploratory activity the Consortium has carried out in this block.

With the new field, it will be possible to increase the potential for light oil and gas production in shallow waters.

Mercopress