Petrobras Makes First Deep Water Oil Find in Potiguar Basin

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Petrobras announced the discovery of an oil accumulation on concession BM-POT-17, the first in deep waters of Potiguar Basin, in its portion located in the state of Rio Grande do Norte.

The discovery was made while drilling well 1-BRSA-1205-RNS (1-RNS-158), informally known as Pitu, at a water depth of 5,679 feet (1,731 meters) and 34 miles (55 kilometers) off the coast of Rio Grande do Norte state.

The oil column was confirmed through log data and fluid samples, which will be characterized through laboratory analysis. The well is currently being drilled at a depth of 13,770 feet (4,197 meters) and drilling will proceed until 16,496 feet (5,028 meters).

Petrobras is the operator of the concession with an 80-percent stake and Petrogal Brasil S.A. holds the remaining 20 percent.

Due to the farm-out agreement, in progress, and after obtaining the approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), BP Energy do Brazil Ltda will join the consortium and interests of the partners in the block will be: Petrobras (40%), BP (40%) and Petrogal (20%).

The consortium will proceed with operations to complete the well drilling until the planned depth, verify the extension of the new discovery and characterize the conditions of the reservoirs.

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