Last updated on April 17, 2014 at 17:30 EDT

Petrobras Discovers Additional Light Oil in Santos Basin

September 29, 2008

Petrobras has discovered oil in the 1-BRSA-658-SPS well, south of the Santos Basin, Brazil, in sandy reservoirs above the salt layer. This discovery reportedly confirms the light oil potential in the shallow water portion of the basin.

The well that found the oil is located in block S-M-1289, of concession BM-S-40, in which Petrobras holds a 100% interest. This block is located some 200km off the coast of the state of Sao Paulo, at a depth of 274m. It is also 9.3km away from the discovery that was made by well 1-SPS-56, at the Tiro prospect.

The reservoirs that were discovered are of the sandy type and are located at a depth of approximately 2,060m, similar to those found by well 1-BRSA-607-SPS. Reservoir productivity is expected to be assessed immediately by means of a lined well formation test.

The dimensions of the discoveries made by these wells will only be defined after the assessment plan, which will be submitted to Brazil’s National Petroleum Agency (NPA), as provided for in the BM-S-40 concession agreement.

Although still in its preliminary assessment phase, based on the two wells and on the anomalies of the seismic data, the company estimates that the volume of recoverable oil in this area is approximately 150 million barrels of oil equivalent.