Petrobras Discovers Good Quality Oil at Tupi South (Brazil)

Petrobras Discovers Good Quality Oil at Tupi South (Brazil)

The fifth well drilled following the execution of the Transfer of Rights Agreement has discovered good quality oil in the Sul de Tupi (Tupi South) area in the Santos Basin pre-salt, Brazil’s state-controlled oil company, Petrobras, has announced.

Well 4-BRSA-1047-RJS (4-RJS-698), informally known as Sul de Tupi, is located south of Lula field, at a water depth of 2,188 meters and 302 km off the coast of Rio de Janeiro state.

The well confirmed the presence of reservoirs of excellent quality in carbonate rocks below the salt layer.

Preliminary assessments indicate that there is communication between the Transfer of Rights reservoirs of Sul de Tupi and the Lula Field, where oil of approximately 28º API has been verified.

Drilling continues at the well, with it current depth at 5,220 meters, and will proceed to a stratigraphic level of approximately 5,600 meters, as set out in the Transfer of Rights Agreement.

According to the activities and investments in the Rights Transfer Agreement’s Mandatory Exploratory Program (PEO), once drilling is complete, a formation test is scheduled to take place to assess the productivity of the reservoirs.

The agreement also specifies that the exploratory phase is expected to end by September 2014, and Petrobras may declare commerciality within this period.

January 8, 2012

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