Petrobras Makes Another Discovery In Campos Basin

Petrobras has made a new offshore discovery with estimated reserves equivalent to 150 million barrels of oil. The new well, 9-MLL-3, was drilled in 3,215 feet of water in the Campos Basin area, approximately 60 miles off the coast of Rio de Janeiro and close to the proven East Marlim Field that was discovered in 1987 with reserves of 270 million barrels. The well was drilled by the semisubmersible, Louisiana.

Production from the new well and the East Marlim Field should come onstream in 2006 with a combined, estimated capacity of 140,000 barrels per day. Petrobras has 9.3 billion barrels of proven reserves and plans to raise this volume to 13 billion by 2005. The company produces an average of 1.5 million bpd and is expected to increase production to 1.9 million bpd by then.

The crude from the new field is 20-degree API. More production tests still have to confirm the reserve figure and output estimates.