Petrobras Finds Oil in Potiguar Basin

Brazil's federal energy company Petrobras has discovered 38-degree API light crude in the BPOT-T-391 block in the onshore Potiguar basin in Rio Grande do Norte state, the company said in a statement late Tuesday. The 1-VP-1A-RN discovery well was drilled at Serra do Mel, and although further drilling will be necessary to determine reserves, the company estimates recoverable reserves to be in the order of 2 million barrels (mb). The first tests produced at 75 barrels a day. Petrobras has already started drilling a second well, which it committed to drill under the terms of the concession contract. Petrobras won the concession rights to BPOT-T-391 in the August 2003 auction held by hydrocarbons regulator ANH for Round 5. The initial exploration phase for blocks in that round expires this November. The Potiguar find is Petrobras' third from Round 5 acreage. The other two were the 1-SRC-2D-BAAwell on the onshore RecAncavo Baiano basin, where recoverable reserves are estimated at 4.6mb,Iand the 3-CCS-2D-ES well in the onshore Espírito Santo basin, where recoverable reserves are estimated at 50mb of 13-degree API heavy crude.