Petrobras Makes New Deepwater Discovery in Campos Basin

Petrobras has made a new deepwater discovery in block BC-60 approximately 10 kilometers from the recently discovered Jubarte Field. The wildcat well, 1-ESS-116, is about 76 kilometers off the coast of Espirito Santo State in 4,850 feet of water by the Discoverer Seven Seas. The well intersected a 60-meter thick column of 19-degree API oil.

The geological studies from the area indicate reserve potentials of around 300 millions barrels of oil equivalent, that added to the reserves at Jubarte Field total approximately 900 million barrels of oil equivalent.

Jubarte Field is presently is producing 17,000 bpd of 17 degree API oil and has the capacity to produce 25,000 barrels per day but is limited by the capacity of the equipment currently being used for production. Production for the new well, 1-ESS-116, is estimated at 20,000 barrels per day. Another well is currently being drilled in the area test the extent of the discovery.