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Petrobras Finds Oil in 2nd Well in Transfer of Rights Agreement

Source: www.gulfoilandgas.com 3/9/2012, Location: South America

Petrobras announces that the second well drilled after the execution of the Transfer of Rights Agreement with the Brazilian National Oil, Natural Gas and Biofuels Agency (ANP) has confirmed the discovery of good quality oil in the area known as Tupi Northeast, in the Santos Basin Pre-Salt.

This well, named 1-BRSA-976-RJS (1-RJS-691), is located Northeast of the Lula field, at a water depth of 2,131 meters, and 255 km off the coast of the city of Rio de Janeiro. The first well drilled in the Transfer of Rights was 3-BRSA-944-RJS (3-RJS-688A), in the Franco area.

The discovery was confirmed by means of 26 degree API oil samples, obtained by cable tests, collected from 4,960 meters. So far, an oil column with over 290 meters in thickness has been identified in the pre-salt carbonate reservoirs.

The well is being cased in the reservoirs’ intervals. The continued drilling of this well aims to investigate the final depth of such reservoirs, as well as to verify the oil/water contact.

Once drilling is completed, a Formation Test is scheduled to be performed in order to assess the productivity of the oil reservoirs. Additionally, Petrobras will continue the activities and investments provided in the Mandatory Exploratory Program (Programa Exploratorio Obrigatorio, PEO) of the Transfer of Rights Agreement, which provides the performance of an Extended Well Test (EWT) in this area.

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