Friday, June 5, 2009

Petrobras (PBR): New Well Confirms Giant Light Oil Field

Petrobras (PBR no the BYSE) announced today that the drilling of another well in the Tupi area reinforced the estimates of 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt reservoirs of that area. The well is still being drilled in search of deeper objectives.

Located 33 km northeast of the pioneering I-RJS-628 drilling, the new well confirmed the presence of good quality reservoirs and of oil similar to that found in the Tupi pioneering well. Informally known as Iracema, this third well is located in the Tupi Assessment Plan area, in waters where the depth is 2,210 meters from the water line, some 250 km off the coast of Rio de Janeiro.

The discovery was proved via light oil (approximately 30ยบ API) samplings from reservoirs located at a depth of 5,000 meters. After completing the drilling, the Consortium, formed by Petrobras (65% - Operator), BG Group (25%) and Galp (10%), to explore block BM-S-11, where Tupi is located, will carry on with the activities and investments called for in the Assessment Plan which foresees the drilling of other wells in the area.

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