Petrobras Discovery Needs More Data

The latest discovery by Brazil's federal energy company Petrobras requires more tests to determine its importance, an oil analyst who preferred to remain unnamed told BNamericas.

Petrobras told industry regulator ANP on October 16 that it has discovered deposits in offshore blocks BC-20 and BC-60, according to information published on ANP's web site. Well 3-ESS-240 at BC-60 was drilled at 1494m below the surface of the water, and 3-RJS-234 in BC-20 was drilled at 164m below the surface.

"Neither the amount or the discovery are known," the analyst said. There is no forecast as to how long it will take Petrobras to carry out the necessary geophysical tests, but media pressure encourages the oil company to speed up the work, he added.

The latest finds lie close to other recent discoveries made by the oil company in the Jubarte and Cachalote fields, also within BC-60, the analyst said.

Probable reserves on the EBC-60 exploration block stood at 2.1 billion barrels of crude following the completion of three more wells, the company said early June, adding that discoveries on BC-60 confirm the presence of a "new oil province" in the north of Campos Basin, located offshore southern Espirito Santo state.

Wells 1-ESS-119, 1-ESS-122 and 1-ESS-125 were drilled in water depths of between 1,473m and 1,535m. Initial estimates from these three wells indicate reserves of 500 million barrels (mb) of oil, added to the 630mb announced in May at well 1-ESS-121 and 970mb in the existing fields of Jubarte and Cachalote.

A spokesperson for Petrobras said in the past that the quality of oil has not yet been confirmed, and that crude in adjacent discoveries has been heavy, averaging 20 degrees API.