Petrobras Confirms Tupi/Iracema Potential with 11th Well

Petróleo Brasileiro S.A. - Petrobras announced that the drilling of the eleventh of thirteen wells scheduled for the Tupi/Iracema area confirmed the light oil potential of the pre-salt reservoirs in ultra-deep Santos Basin waters.

The new well, called 3-BRSA-865A-RJS (3-RJS-677A) and informally known as Tupi W, was drilled at a water depth of 2,139 meters, nearly 275 km off the coast of Rio de Janeiro and 11 km northeast of well 1-RJS-628A (1-BRSA-369A), which discovered the Tupi accumulation. The well was drilled by Seadrill semisubmersible West Eminence.

Based on samples collected via a cable test, well 3-RJS-677A proved that the light oil accumulation (about 28ºAPI) extends to the far west of the Tupi Evaluation Plan and verified a reservoir thickness of about 90 meters, further reducing the uncertainties regarding the estimated volume of hydrocarbons for the Tupi/Iracema area.

The information obtained from the wells drilled in the area confirms the the potential of 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt reservoirs of the Tupi area. The final assessment of the volumes in the Tupi and Iracema areas is under analysis and will be disclosed through the Declaration of Commerciality, scheduled to be done in late December.

The productivity of the pre-salt layer reservoirs in well 3-RJS-677A will be assessed by means of formation tests planned for the coming months. If the expected yields are confirmed, the BMS-11 consortium will consider allocating a FPSO to the western area of Tupi.

The Consortium, formed by Petrobras (65% - Operator), BG Group (25%), and Petrogal Brasil - Galp Energia (10%), to explore block BM-S-11, where the Tupi/Iracema area is located, will carry on with the activities and investments called for in the Evaluation Plan which was approved by the ANP.