Brazil: Tiro and Sidon Commercially Viable, Petrobras Says

Brazil’s state controlled oil company, Petrobras, on February 17 , submitted the Declaration of Commerciality for the oil and natural gas accumulations at Tiro and Sidon, located in southern Santos Basin to the National Petroleum, Natural Gas and Biofuels Agency (ANP).

In the proposal sent to the ANP, these new accumulations were named Bauna and Piracaba, corresponding to the areas of Tiro and Sidon, respectively. These new oil fields are located in Block BMS-40, in shallow waters of Santos Basin, some 200 km off the coast of São Paulo State, and Petrobras has a 100% stake.

Total recoverable volumes are estimated at 113.4 million barrels of oil equivalent (boe) for the Bauna Field and 83.1 million boe for the Piracaba Field, both containing light oil (34 oAPI for Bauna and 32 oAPI for Piracaba), in sandstone reservoirs located above the salt layer.

The Declarations of Commerciality take place after carrying out the Exploratory Assessment Program, which included an Extended Well Test (EWT) at Tiro and Sidon. The EWTs confirmed the excellent productivity of the reservoirs in both fields, with the maintenance of the flows during the entire test period and allowed for the acquisition of information on reservoir properties that are essential for maximizing the development plans.

The Development Plans (PD) for both fields were submitted to the ANP along with the Declaration of Commerciality.  The exploratory success achieved in the area confirms the light oil potential in shallow waters of southern Santos Basin.

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Offshore Energy Today Staff, February 24, 2012; Image: Petrobras