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Petrobras Finds New Oil Discovery in the Campos Basin

Source: www.gulfoilandgas.com 1/30/2003, Location: South America

Petrobras, Brazil's largest oil and gas, petrochemicals and energy company, announces that has made a new oil discovery in the Campos Basin through its pioneer 9-MLL-3 well. This well, with a total depth of 3,000 meters and in a water depth of 980 meters, is located close to the Marlim Leste field, a deepwater offshore area in the Campos Basin.

The Marlim Leste field is located 95 km from the coast in water depths varying between 900 and 2000 meters and was discovered in 1987 and has estimated reserves of 270 million boe. The drilling of the 9-MLL-3 well was based on the results of geological studies recently carried out by Petrobras. Using the most modern technology, these studies indicated the possibility of other oil reserves close to already known reservoirs in the field.

The results of drilling have confirmed the existence of further reserves with oil-bearing reservoirs 37 and 12 meters thick respectively. The new discovery is estimated to have reserves of approximately 150 million boe and contains oil at 20 degrees API.

Petrobras has already begun studies to verify the new discovery's commercial feasibility, possibly using the same production infrastructure as Marlim Leste field, currently in the implementation phase.

The start-up of the Marlim Leste operations is forecasted for 2006, with an estimated daily production, which including the new find, could reach as a high as 140,000 barrels.

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