Petrobras Strikes Oil at Seventh Tupi Well

A new well, Tupi Alto (3-BRSA-821-RJS or 3-RJS-674), on BM-S-11 Block, is the seventh consecutive well drilled on the Tupi accumulation confirming the extended presence of light oil, and excellent reservoir properties across the key Sag reservoir. New information obtained from this well and previously drilled wells, reinforce the potential 5 to 8 billion barrels of recoverable light oil and natural gas from the Tupi pre-salt reservoirs. The Tupi Alto well is located in the Tupi evaluation area in a water depth of 6,926 feet (2,111 meters), about 171 miles (275 kilometers) from Rio de Janeiro. Petrobras, serving as operator, holds a 65% interest; BG Group holds 25%; and Galp holds 10% interest.

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