Brazil Strikes Light Oil Off Sí£o Paulo Coast

Petrobras prospecting for oil off the coast of Santos, São Paulo, Brazil It's been one week now that Brazil's government owned oil corporation Petrobras announced the discovery of yet another field of light oil, in ultra deep waters of Santos Basin. The well known as Guará in the BM-S-9 block encountered oil with specific gravity of 28° API (American Petroleum Institute) in pre salt reservoirs, according to the official release.

The consortium operating BM-S-9 includes Petrobras (45% and operator), Britain's BG Group Plc. (30%) and Repsol-YPF (25%).

Block BM-S-9 is composed of two exploratory areas. Well 1-BRSA-491-SPS (1-SPS-50) was the first and largest drilled, informally called Carioca, which resulted in the discovery announced on September 5 2007. At the time Brazil's petroleum regulator said it could contain as many as 33 billion barrels of oil.

The new well, 1-BRSA-594-SPS (1-SPS-55), informally called Guará, is located in the smaller area of the block, at some 310 km (193 miles) off the coast of the State of São Paulo and at 2.141 meters (7024 feet) from the waterline. The drilling in the well continues in search of deeper objectives.

The discovery was proved by an oil sample collected via a cable test carried out in reservoirs situated at a depth of nearly 5,000 m (16,404 feet).

"After well completion, the Consortium will proceed with the required activities and make the investments that are needed to verify both the field's dimensions and the characteristics of the oil reservoirs." Following on the Concession Agreement the consortium will forward an Assessment Plan to Brazil's National Petroleum Agency.

However analysts consider that the Carioca reserves will not be properly tested until a well is drilled later this year in the neighboring BM-S-22.

"Together with our partners, we will now continue to advance our evaluation and development program, targeting initial production from the pre-salt Santos Basin during 2009," said Frank Chapman, BG chief executive.

Further assessment of the well will be carried out to determine the scale and characteristics of the reservoir. Once this is completed, an evaluation plan will be submitted to Brazil's National Petroleum Agency, BG said.

Brazil has turned into the key to BG's long-term growth following the Tupi find in 2006. Tupi was hailed as one of the world's largest oil strikes after official estimates placed the field's oil-on-place resources at anywhere between 12 billion and 30 billion boe, and recoverable reserves of 5 billion to 8 billion boe.

BG owns a 25% stake in Tupi, while Petrobras owns a 65% stake and is the project operator. Portugal's Galp Energia holds the remaining 10%. Tupi should be capable of producing up to one million barrels of oil equivalent a day once the field is fully developed. Guará is BG's fifth oil find in the Santos Basin since it began drilling the area in 2005.

Mercopress

Tags:

You May Also Like

Brazil Gets Its Transgenic Law

Brazilian President Luiz Inácio Lula da Silva, on January 12, sanctioned the Provisional Measure ...

Brazil Supreme Justice Frees Man Accused of Killing Union Leader

A Brazilian Supreme Court justice has suspended the trial by jury of a farmer/landowner, ...

150 Brazilian Army Engineers to Rebuild Haiti’s Infrastructure

A Brazilian Army’s engineering company, integrated by 150 military officers, will embark on June ...

Brazilian Hackers Raid Lula’s Party Site Again and Call Him Liar and Corrupt

Once again one of the sites of Brazil’s ruling Workers Party (PT) was invaded ...

Brazilian film starring in Chicago

Brazil has participated in the latest Latino Film Festival in big style. Sam and ...

Brazilian Electronic Bazaar Brings Middle East Closer

A virtual store is ensuring that Arab and Islamic articles reach cities in the ...

Being a Monopoly Contributed to Brazil’s Varig Airline’s Demise

If Varig is eventually declared bankrupt, passengers of the airline will suffer at least ...

Brazil’s Nova Luz: Downtown Revitalization or Cleansing Operation?

A new project launched by the São Paulo local government entitled ‘Nova Luz’ (‘New ...

Two Brazils

Infant mortality is down, but social inequality is up. The Catholic Church lost more ...

Brazil Hosts BioFach, LatAm’s Largest Organic Fair

Cosmetics, powdered chocolate and various novelties in the form of processed organic products, as ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]
SHOW FULL COLUMNS FROM `wp_wfHits`