Petrobras Declares Onshore Field Commercially Feasible

Brazil's federal energy company Petrobras (NYSE: PBR) has declared commercial feasibility of the Pintassilgo onshore heavy crude field in northeastern Brazil, the company said in a statement.

Pintassilgo is in the Potiguar basin in the state of Rio Grande do Norte. It is estimated to contain reserves of 3.2 million barrels of oil at 25 degrees API.

The company will initially start test production at 600 barrels a day but will prepare a development plan to increase future output.

The new field is close to existing infrastructure in the municipality of Mossoro, Petrobras said.

The states of Rio Grande do Norte and Ceara together produce some 72,901 barrels a day.

Of the four fields declared commercially feasible so far this year, three, including Pintassilgo, are located in the Potiguar basin.

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