Petrobras Confirms Oil Find at Sagitario Well in Brazil's Santos Basin

Petroleo Brasileiro S.A. (Petrobras) reported Wednesday that it has completed the formation test on well 1-SPS-98 (1-BRSA-1063-SPS), informally known as Sagitario, located in ultra-deep waters of the Santos Basin pre-salt in Brazil.

The results obtained have confirmed the discovery announced to the market Feb. 25, 2013, when the well was still in the drilling phase. The test has revealed carbonate reservoirs with good permeability.

This is the first well to be drilled in block BM-S-50 and it is situated 120 miles (194 kilometers) off the Sao Paulo coast, at a water depth of 6,183 feet (1,871 meters).

The well has reached the total depth of 23,326 feet (7,110 meters). Starting at a depth of 20,157 feet (6,144 meters), we detected 521 feet (159 meters) of pre-salt reservoirs bearing good quality oil (32 degree API).

The consortium operated by Petrobras (60 percent) in partnership with BG E&P Brasil (20 percent) and Repsol Sinopec Brasil (20 percent) will proceed with the activities provided for in the Discovery Evaluation Plan (PAD) approved by Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP).

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