Offshore Block BM-S-8 Has Huge Potential, Petrobras Says (Brazil)

Brazil’s oil company Petrobras has completed drilling operations in well 4-SPS-86B (4-BRSA-971-SPS), located in block BM-S-8, in ultra-deep waters, in the Santos Basin pre-salt.

This is the third well that has been drilled in the 1-BRSA-532A-SPS (Bem-te-vi) Discovery Assessment Plan (PAD) area.

The well, informally known as Carcará, is 232 kilometers off the coast and was drilled in 2,027 meters of water. After 5,742 meters had been drilled, a significant column was found containing at least 471 meters of excellent quality oil – with an API of 31° and free of contaminants such as CO2 and H2S – with 402 meters in carbonate reservoirs with excellent porosity and permeability. Pressure data indicate that these reservoirs are interconnected.

Due to operational issues, it was not possible to reach the final depth, originally set at 7,000 meters to carry out an additional assessment. Therefore, the well has been temporarily abandoned, allowing for the operation to be resumed in the future if the consortium wishes to do so.

Various data collected from the well – logs, lateral cores, fluids and pressures – as well as petro physical analysis, together with the expertise and experience of Petrobras in formation and long duration tests in pre-salt reservoirs, support the expectation that the oil flow in the drilled reservoirs has more potential. This will be confirmed by ongoing exploratory activities in the area, which include drilling an extension well in 2013, when it will be possible to assess the productivity of the reservoirs using a formation test.

Carcará is expected to start producing oil in 2018, with development wells being drilled throughout 2016-2017, in line with the 2012-2016 Petrobras Business Plan and Strategic Planning for 2020.

Petrobras operates the consortium (66%) with Petrogal Brasil (14%), Barra Energia do Brasil Petróleo e Gás Ltda. (10%) and Queiroz Galvão Exploração e Produção S.A. (10%).

In light of the Carcará potential, the consortium has requested for an extension to the deadline from the National Petroleum, Natural Gas and Biofuels Agency (ANP) for the Discovery Assessment Plan (PAD) of Bem-te-vi, where the well is located, which was due to expire at the end of 2012. The consortium is waiting for ANP’s decision on the matter.

[mappress]
January 3, 2013