Sepia East Field, Offshore Brazil, Declared Commercial

Portuguese oil and gas firm Galp Energia announced Friday that its partner Petróleo Brasileiro S.A. (Petrobras) has submitted a declaration of commerciality to the Brazilian National Agency for Oil, Natural Gas and Biofuels (ANP) for the Sépia East field located in the Santos Basin.

The field is located near the Jupiter discovery in block BM-S-24, approximately 160 miles off the coast of Rio de Janeiro state at a water depth of 7,100 feet. The total estimated recoverable volume of Sépia East is 130 million barrels of oil equivalent.

During exploration work in the area, it was proved that the Sépia discovery extends towards the Sépia East area (within the BM-S-24 concession), with reservoirs of excellent porosity and permeability and high quality oil (circa 26-degree API).

Production is expected to start on BM-S-24 in 2019. Galp Energia, through its subsidiary Petrogal Brasil, has a 20-percent stake in BM-S-24, with Petrobras (the operator) holding the remaining 80 percent.



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