Brazil: Petrobras Discovers 2 Light Oil Accumulations in Campos Basin

Petrobras announced the discovery of two new light oil accumulations (29o API) in reservoirs in the Campos Basin’s post- and pre-salt areas, by means of the drilling of well 6-CRT-43-RJS, known as Carimbé. The well is located in the Caratinga field area, about 106 km off the coast of Rio de Janeiro, at a water depth of 1,027 m.

The accumulation discovered in Albian age carbonatic reservoirs (post-salt) is nestled at a depth of 3,950 meters. Preliminary estimates indicate recoverable volumes of about 105 million barrels of oil equivalent.

The other accumulation confirmed by the well, found in Aptian age carbonate reservoirs (pre-salt) and at a depth of 4,275 m, appears to be an extension of the accumulation discovered previously by well-BR-63A 6-RJS in Barracuda Field area. This last accumulation was announced by the Company in February 25, 2010 and preliminary data indicate recoverable volumes of about 40 million barrels of oil equivalent. If the extension assumption is confirmed, preliminary data indicates a total estimated recoverable volume of 360 million barrels of oil equivalent to these accumulations.

Tests to assess the productivity of these reservoirs are foreseen to be carried out. It is also being analyzed the possibility of interconnecting this well to the P-48 platform, currently in operation in the Caratinga Field, taking advantage of the production and offloading infrastructure installed in the area.

These accumulations will be the object of an Evaluation Plan, to be submitted to the National Petroleum Agency (ANP) soon.

[mappress]

Source: Petrobras, May 26, 2010;