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Petrobras Finds Good Quality Oil in Rights Transfer area

Source: www.gulfoilandgas.com 6/8/2012, Location: South America

Petrobras has announced the discovery of good quality oil in the third well drilled in the Santos Basin pre-salt cluster’s Sul de Guara region. According to the Rights Transfer contract, Petrobras is entitled to produce up to 319 million barrels of oil equivalent in this area.

The discovery well, 1-BRSA-1045-SPS (1-SPS-96), lies 320 km off the coast of the State of Sao Paulo and is located in the southern portion of Sapinhoa Field at a water depth of 2,202 meters. Cable tests were used to confirm that the discovery was good quality oil (around 27 degree API). A sample was taken from carbonate reservoirs below the salt layer.

The well is currently being drilled to a depth of 5,058 meters to determine the lower limit of the reservoir. After drilling is completed, a formation test will be conducted to evaluate the productivity of the oil reservoirs, in line with the activities and investments set out in the Mandatory Exploration Program annexed to the Rights Transfer Contract.

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