Brazil's Petroleo Brasileiro (Petrobras) said Monday that it has struck light crude in its third well drilled in the Santos Basin pre-salt cluster's Sul de Guará region.
The well, named 1-BRSA-1045-SPS, is sited 199 miles (320 kilometers) off the coast of the State of São Paulo and it is located in the southern portion of Sapinhoá Field at a water depth of 7,222 feet (2,202 meters).
Petrobras's cable tests confirmed that the discovery is of around 27 degree API. Under a 'Rights Transfer Agreement', the company is entitled to produce 319 million barrels of crude equivalent in the area.
Petrobras is currently trying to drill the well to a depth of 16,590 feet (5,058 meters) to determine the lower limit of the reservoir.
After drilling is completed, the company plans to conduct a formation test to determine the productivity of the oil reservoir.
Petrobras's chief executive, Maria das Gracas Foster, said on June 5 that the company will keep its investment levels "high", and that it is on track to produce six million barrels of crude per day by 2020.
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