Repsol Sinopec Makes High Impact Discovery Offshore Brazil

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The partnership, which also includes Petrobras, said that it has made a high impact discovery in the Pão de Açúcar prospect located in the BM-C-33 block in the Campos Basin.  The well is located some 122 miles (195 kilometers) offshore Rio de Janeiro State in 9,190 feet (2,800 meters) of water.

 

The Pão de Açúcar well encountered two pre-salt accumulations comprising a hydrocarbon column of 1,575 feet (480 meters) with a total pay of around 1,150 feet (350 meters). A test performed in a partial section of the pay zone flowed 5,000 barrels per day of light oil and 28.5 million cubic feet per day of gas. This was a choked Drill Stem Test (DST) with very limited drawdown. 

 

The Pão de Açúcar discovery is the third find made in the BM-C-33 block after Seat and Gávea and confirms the area's high potential.

 

"The development potential of the Pão and Gávea discoveries will now be evaluated by the partnership. This discovery increases our understanding of the pre-salt potential in the Campos Basin and improves our confidence in the recently acquired acreage position in the pre-salt Kwanza basin of Angola," said Tim Dodson, Statoil's executive vice president for exploration. "Statoil's exploration strategy focuses on high impact opportunities and the deepening of core areas. The Pão de Açúcar success shows that we are delivering on our strategy."

 

"Statoil has clear ambitions to grow in Brazil through new exploration opportunities. The Pão discovery will become an important building block in our growth ambitions," said Kjetil Hove, country president for Statoil in Brazil.

 

Repsol Sinopec is operator of the exploration consortium with a 35-percent stake. Partners Statoil and Petrobras hold respective 35 percent and 30 percent shares. 

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Company: Petrobras	more info
Operates 83 Offshore Rigs Manages 16 Offshore Rigs  - Petrobras BP, Among Winners in Brazil's 11th Bidding Round (May 16)  - Petrobras Launches Sale of Bonds to Raise $11 Billion (May 13)  - Brazil Seeks to Expand Oil, Gas Investment with 11th Bidding Round (May 9)

Company: Statoil	more info
Operates 3 Offshore Rigs  - Statoil Sets Eyes on GOM to Help Increase Production Growth (May 17)  - Petrobras BP, Among Winners in Brazil's 11th Bidding Round (May 16)  - Statoil Awarded 6 Licenses Offshore Brazil (May 15)

Company: Repsol	more info
- Repsol Profit Up 38% on Higher Output, Refining Margins (May 9)  - Repsol Discovers Oil in Three Alaskan Wells (Apr 23)  - Repsol's Darwin Well Comes Up Dry (Apr 8)

Company: Sinopec	more info
- Sinopec Posts 1Q Earnings Rise, Outperforming PetroChina (Apr 25)  - CPC to Buy 30% of Myanmar Gas Block (Apr 25)  - Sinopec Reaches $3 Billion Asset Deal (Mar 25)

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