Petrobras Confirms Light Oil Discovery in the Santos Basin

Petrobras has confirmed there is a significant volume of 30 degree API light oil in a new exploratory frontier in the Santos Basin. Testing carried out in a vertical well revealed a flow of 4,900 barrels of oil and 150,000 cubic meters of natural gas a day, through a 5/8" opening, with stabilized pressure behavior.

The confirmation was made after the test carried out at the 1-RJS-628A well was concluded and detected a highly productive reservoir under a 2,000-m thick layer of salt ("pre-salt").

The development of the discovery, made by well 1-RJS-628 A in block BM-S-11, had already been announced on June 11 2006. This block is operated by Petrobras (65%), in a consortium with BG (25%), and Petrogal (10%). The confirmed discovery was communicated to the National Petroleum, Natural Gas, and Biofuel Agency (NPA), under the terms of the legislation in effect.

Additional investments will be necessary, initially with the drilling of the first extension well for a complete assessment of the oil volume in the reservoir that was found.

The BM-S-11 exploration block lies 250 kilometers off the coast of Rio de Janeiro.

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