Petrobras: Jupiter Well Extends Natural Gas Deposit

RIO DE JANEIRO - Brazilian state-owned energy giant Petroleo Brasileiro, or Petrobras, said a second well at the Jupiter natural gas discovery showed a continuous reservoir at the field, helping extend the dimensions of the find.

Petrobras said that drilling on the second well at Jupiter was ongoing, finding natural gas and condensates as part of a 176 meter oil column. Petrobras operates the block containing the discovery with an 80% stake, while the local unit of Portugal's Galp Energia holds the remaining 20%.

The discovery of a continuous reservoir at Jupiter could help increase the chances that Petrobras would move forward with development at the site, which is one of the farthest offshore subsalt fields at 275 kilometers off the coast of Rio de Janeiro state. Natural gas production would likely require an extensive pipeline or the use of a floating plant to liquefy the natural gas for shipment to the coast or export.

Initial estimates are that the field could hold 930 million barrels of oil and 1 billion cubic feet of natural gas.

Copyright (c) 2012 Dow Jones & Company, Inc.


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