Petrobras Declares Papa-Terra Field Commercial

Campos Basin - Brazil
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Brazil Major Oilfields
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Petrobras has notified the National Petroleum Agency (ANP) of the commercial potential of the Papa-Terra field, located in the Campos Basin offshore Brazil.

Preliminary appraisals point out that the new field, located in the evaluation plan of the former BC-20 block, South of Campos Basin, is a giant field, with potential recoverable oil volumes between 700 million and 1 billion barrels of oil equivalent. The well 4-BRSA-2180-RJS is located in a water depth of 1,200 meters, showing crude oil with an API between 14 and 17. The preliminary delimitation of the new field, discovered in 2003, resulted of the drilling of five wells, beyond the initial well and also an acquisition of 30 thousand kilometers of seismic lines.

This is an area operated by Petrobras, with working interest of 62.5%. The concession was acquired in consortium with Chevron Overseas of Brazil Ltda in 1998, which participates with 37.5% of the investment.

The expectation of the Petrobras is that the new field can start production at the end of 2011, giving an important contribution for the Brazilian production of oil and gas.

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