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Petrobras Says Fourth Lara Well Confirms 'Excellent' Productivity

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Reuters

July 24 (Reuters) - Brazil's state-run oil company Petrobras said on Wednesday that it finished drilling its fourth exploratory well in the Iara area of the Santos Basin, a project that confirmed the prospect holds high-quality, medium-grade crude and a strong chance of producing at "excellent" levels.

Petrobras based its conclusions on a formation test in the well, drilled on the BM-S-11 subsalt exploration block in the Santos Basin, 226 kilometers (140 miles) south of Rio de Janeiro, according to a securities filing.

The oil, at 28 degrees on the American Petroleum Institute (API) scale, was found in a carbonate reservoir with high porosity and permeability about 5,260 meters (17,260 feet) below the ocean's surface.

(Reporting by Roberto Samora; Editing by Phil Berlowitz)

Copyright 2014 Thomson Reuters. Click for Restrictions.

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