Galp Energia Announces Potential of Block BM-S-11 in Brazil

The consortium formed by Galp Energia, Petrobras and British Gas announced, in October 2006, the results of the first exploration well drilled in Block BM-S-11 which confirmed the discovery of a significant amount of light oil, in ultra deep water in Santos Basin offshore Brazil.

This discovery, designated Tupi, covers an area of 800 square kilometers and is located 280 kilometers from the south coast of Rio de Janeiro.

After further complementary studies on the results obtained with the first exploration well, the initial hydrocarbons in place are estimated to be between 1.7 and 10 billion barrels.

The volume of hydrocarbons initial in place corresponds to the quantities estimated to exist originally in naturally occurring accumulations. The recoverable rates of the estimated volumes will depend on the assisted recoverable methods existing today and also on the type of hydrocarbons and the type of reservoirs.

The group is preparing the drilling of an appraisal well to better define the volume of oil discovered by the Tupi-1 well.

The consortium for BM-S-11 is formed by Galp Energia (10%), Petrobras (operator, 65%) and British Gas (25%).

At Santos Basin, a basin with high exploration potential, Galp Energia also holds stakes in three additional blocks: BM-S-8 (14%), BM-S-21 (20%) and BM-S-24 (20%).

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