Petrobras Announces New Discovery in Carioca Area, Offshore Brazil

Petrobras issues the results of the drilling of another well in Carioca area, situated in Block BM-S-9 which confirms the potential of the exploration area.

The new well named as 4-SPS-81A (4-BRSA-973A-SPS), commonly known as Abaré, is settled 35 km south of the discovery well 1-BRSA-491-SPS (Carioca) and 293 km from the coast of the State of São Paulo.

This new discovery was proven by means of good quality oil sampling of close to 28o API, by cable test in carbonate reservoirs of approximate 4830m deep. A formation test in the interval is estimated to be performed in order to evaluate the productivity of such reservoirs.

In addition to that, it is also in progress a long term test in well 3-SPS- 74 (Carioca Northeast), which is a well connected to the FPSO Dynamic Producer. The outcome indicates a potential for production of approximately 28,000 barrels per day, which is above the initial estimates. Currently the well produces a flow of 23,400 barrels per day, in face of the restrictions imposed by ruling of ANP (National Agency of Petroleum Natural Gas And Biofuels).

In addition to the discovery well, four other wells were drilled and two formation tests were performed in the area of the Plan of Discoveries Assessment of Carioca. Such activities complied with all the commitments made with ANP.

Based on the results found in the Carioca area, the Consortium requested ANP to postpone the closing of the Plan of Discovery Assessment and the Announcement of Commercial Viability, which were originally estimated to November 2011.

The new deadline shall be used to perform the activities not provided in the original program: drilling of up to three exploration wells and a long term test.

ANP authorised the review of the Activities and the Schedule for the Plan of Discovery Assessment PA-1-SPS-50 (Carioca), with the introduction of additional operations, and the deadline of the Announcement of Commercial Viability was postponed to December 31, 2013.

The extension of the deadline for the Assessment Plan does not alter the plans and the schedule of the Consortium in relation to the implementation of the production development project.

The Consortium of Block BM-S-9, operated by Petrobras (45%) in association with BG E&P Brasil (30%) and Repsol Sinopec Brasil (25%) will give continuity to the engagements of the Plan of Discovery Assessment approved by ANP.

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Source: Petrobras, November 13, 2011