Petrobras: 'Excellent Results' in Campos Basin Offshore Brazil

RIO DE JANEIRO (Dow Jones Newswires), October 7, 2008

Petrobras has embarked on a subsalt drilling program in a portion of the Campos Basin known as Parque das Baleias, the company's executive manager for exploration and production said Monday.

Quoted by the Estado news agency, Petrobras' Jose Antonio Figueiredo said four wells drilled in the area showed "excellent results." An additional two wells will be drilled in the area before the end of the year, Figueiredo said.

Petrobras has already found heavy oil in the area, which is produced from layers above the subsalt region. The company initiated subsalt drilling after its string of successes farther south in the Santos Basin.

The Campos Basin is responsible for more than 80% of Brazil's crude oil output.

"What we are doing are exploratory efforts together to extend drilling already scheduled above the subsalt layer for below this barrier," Figueiredo said.

Parque das Baleias contains the currently active Jubarte field, where Petrobras initiated the country's first producing subsalt oil well in September. Other fields in the area include Cachalote, Baleia Azul, Baleia Franca and Baleia Ana.

"We are thinking of changing the name of the area because of the good news that it's been bringing us," Figueiredo said.

The Campos Basin's subsalt layer also does not lie at the same depths as the Santos Basin, the executive noted. The Santos Basin's salt layer is about 2,000 meters thick as opposed to 200 meters in the Campos Basin. That puts reservoirs at total depths of about 4,000 meters in the Campos Basin versus more than 6,000 meters in the Santos Basin. 

Copyright (c) 2008 Dow Jones & Company, Inc.


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