New well confirms the light oil potential in Tupi

4/6/2009

Petrobras announces that the drilling of another well in the Tupi area reinforces the estimations of the potential for 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt reservoirs of that area, in ultra-deep Santos Basin waters. The well is still being drilled in search of deeper objectives.

Located 33 km northeast of the pioneering I-RJS-628 drilling, the new well, called 4-BRSA-711-RJS (4-RJS-647), confirmed the presence of good quality reservoirs and of oil similar to that found in the Tupi pioneering well, reinforcing the initial estimations for the area.

Informally known as Iracema, this third well is located in the Tupi Assessment Plan area, in waters where the depth is 2,210 meters from the water line, some 250 km off the coast of Rio de Janeiro.

The discovery was proved via light oil (approximately 30º API) samplings from reservoirs located at a depth of some 5,000 meters and communicated to the National Petroleum Agency (NPA) today.

After completing the drilling, the Consortium, formed by Petrobras (65% - Operator), BG Group (25%) and Galp (10%), to explore block BM-S-11, where Tupi is located, will carry on with the activities and investments called for in the Assessment Plan which was approved by the NPA and which foresees the drilling of other wells in the area.

Petrobras press release