Petrobras, Partners Discover Oil at Pre-Salt Iara Well Offshore Brazil


Petrobras has announced that the consortium established by Petrobras (65% -Operator), BG Group (25%) and Galp Energia (10%) for prospecting the BM-S-11 Block in ultra-deepwaters in the Santos Basin, has concluded the drilling of well 1-BRSA-618-RJS (1-RJS-656) with the discovery of a significant find of light oil in the pre-salt reservoirs. The estimated recoverable volume is from 3 to 4 billion barrels of light oil and natural gas.

The Iara well discovery is the sixth consecutive drilling success in the deepwater, pre-salt Santos Basin since Petrobras and its partners began their drilling program in 2005.

The Iara light oil discovery was announced on August 7, 2008 pending clearer prospects from drilling activities. The relevant data is now available and reveals the thickness of the porous oil-bearing reservoirs to be better than initially forecast. Notified today to the Brazilian industry regulator, ANP, the new find has been verified by cable survey as light oil with a specific gravity of between 26 degrees and 30 degrees API covering an area of approximately 300 km2, clearly demarcated by seismic means. The estimated volume is based on the collated data together with information already available on the pre-salt layer.

The BM-S-11 block consists of two exploratory areas. The first well,1-BRSA-369A-RJS (1-RJS-628A), was drilled in one of these areas, known as Tupi, this discovery announced on July 11, 2006 as having an estimated recoverable volume of between 5 and 8 billion barrels of light oil and natural gas. The respective Assessment Plan has since been approved by the ANP and is currently being executed.

The so-called 1-BRSA-618-RJS (1-RJS-656) discovery well, known as lara, is situated in the northern part of the Tupi field, about 230 km off the coast from the city of Rio de Janeiro in a water depth of 2,230 meters. The final drilling depth was 6,080 meters.

The Consortium is to continue its exploratory activities and investments in this area through the implementation of the Discovery Assessment Plan to be submitted to the ANP, in accordance with the Concession Agreement, to better establish the dimensions and characteristics of the reserve.