Important light oil accumulation discovered
in shallow Santos Basin waters

29/5/2008

The drilling of well 1-BRSA-607-SPS (1-SPS-56), located in shallow waters in the southern portion of the Santos Basin, has proved the presence of light oil in reservoirs above the salt layer. Preliminary analyses indicate the oil’s specific gravity is 36 ºAPI (light). Petrobras is the sole concessionaire of block BM-S-40, where the new discovery is located. The test proved the high flows that are expected for the type of reservoir that was found. Potential production, per well, has been estimated at more than 12,000 barrels per day.

The well is located some 275 Km to the south of the city of Santos, off the coast of the state of São Paulo, 235 meters below the water line.

The discovery was confirmed by oil production via a lined well formation test in reservoirs located at a depth of nearly 2,080 meters.

Petrobras will continue the exploratory activities at block BM-S-40, as stipulated by the Concession Agreement, by drilling a new exploratory well for the same purpose. Work is slated to begin in June 2008.

This discovery is greatly important due to the light oil production potential and because the field is located in shallow waters in the southern tip of the Santos Basin.

Petrobras press release