Petrobras Confirms Oil Find at Espirito Santo Basin Offshore Brazil

Japan's Inpex Corp. announced Wednesday it has discovered deposits of quality oil at a depth of approximately 11,647 feet (3,550 meters) through appraisal drilling in the BM-ES-23 concession in the Espirito Santo Basin offshore Brazil. The oil deposits were confirmed through analysis of logging data and fluid samples obtained by a wireline tester.

The concession lies 71 miles (115 kilometers) off the coast of the State of Espirito Santo in southeastern Brazil, where water depth ranges from 5,905 feet (1,800 meters) to 6,561 feet (2,000 meters). Through Inpex Petroleo Santos Ltda., a subsidiary, Inpex owns a 15 percent participating interest in the concession, where Inpex has engaged in exploration activities alongside partners, Petrobras (operator) and Shell, which own 65 percent and 20 percent participating interests, respectively.

Moving forward, Inpex and its partners will analyze and evaluate the data retrieved from the well, and continue to drill down to a depth of 14,763 feet (4,500 meters) to assess the possibility of new oil and natural gas deposits.

Inpex is committed to proactive exploration activities in promising areas including deepwater zones for the sustained expansion of its upstream business, one of the company’s growth targets.


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