Petrobras makes oil discovery in Potiguar basin (Brazil)

Brazil’s Petrobras announces that it has completed drilling wildcat well 1-BRSA-1205-RNS (1-RNS-158), located in deep-waters of the Potiguar Basin.

The results confirm the discovery of intermediate oil (24º API), as previously announced to the market on December 17, 2013. The well, informally referred to as Pitu, is located at a water depth of 1,731 meters, 55 km off the coast of the state of Rio Grande do Norte.

The well reached the total depth of 5,353 meters and detected a hydrocarbon column of 188 meters. A formation test was carried out, which confirmed the reservoir’s satisfactory permeability and porosity.

Based on the results obtained, the consortium will proceed with the exploratory activities, with the aim of proposing a Discovery Evaluation Plan to Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP).

Petrobras is the operator of concession BM-POT-17, with an 80% interest, in partnership with Petrogal Brasil S.A., which holds 20%.

As a result of the on-going farm-out process and after obtaining the necessary approval from Brazilian authorities, BP Energy do Brasil Ltda will join as a concessionaire and the interests of the consortium members in BM-POT-17 will be as follows: Petrobras – 40% (operator), BP Energy do Brasil Ltda – 40% and Petrogal Brasil S.A – 20%.

 

Press Release, March 13, 2014

 

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