Petrobras Discovers Light Oil Offshore Santos Basin

Petrobras has confirmed the presence of oil following the drilling of well 1-BRSA-658-SPS (1-SPS-57), located in the south of the Santos Basin, in sandstone reservoirs. This find substantiates the good light oil potential in the shallow offshore sections of the Basin.

The 1-BRSA-658-SPS well, drilled by the semisub Ocean Yorktown, is located in the S-M-1289 block, part of the BM-S-40 concession, in which Petrobras holds a 100% interest. This block is situated about 200 kilometers off the coast of the state of Sao Paulo in a water depth of 274m. The block is also 9.3 kilometers from the first find made there by well 1-SPS-56, in the Tiro pioneering prospect, and announced in May of this year.

The reservoirs, which have been discovered, are of the sandstone type and located at an approximate depth of 2,060m and similar to recent finds by well 1-BRSA-607-SPS (1-SPS-56), which was drilled by the Alaskan Star.

Productivity of the reservoirs is to be assessed with immediate effect through a Well Formation Test.

The size of the discoveries made by these wells will only be established following the conclusion of the Evaluation Plan to be submitted to the oil industry regulator, The National Petroleum Agency (ANP), in accordance with the BM-S-40 concession contract. While still at a preliminary stage of evaluation, based on the two wells and anomalies in the seismic data, the Company estimates recoverable volumes of oil in this area at approximately 150 million barrels of oil equivalent.

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