Petrobras Hits The Mark With Exploration Well Off Brazil

Petrobras Hits The Mark With Exploration Well Off Brazil
Petrobras has identified the presence of hydrocarbons in the Santos Basin pre-salt, in a pioneer well in the Aram block.

Brazilian state-owned oil company Petrobras has identified the presence of hydrocarbons in the Santos Basin pre-salt, in a pioneer well in the Aram block.

The Curaçao well, otherwise designated as 1-BRSA-1381-SPS, is located 150 miles from the city of Santos, in the state of Sao Paulo, at a water depth of 6,250 feet.

Petrobras said that the oil-bearing interval was verified through wireline logging and fluid samples, which will be further characterized through laboratory analysis. This data will allow evaluating the potential and directing the next exploratory activities in the area.

The partners in the block will continue operations to complete the project to drill the well to the expected depth and verify the extent of the discovery, in addition to characterizing the conditions of the reservoirs found.

“The drilling of the Curaçao well demonstrates the success of a strategy strongly based on technological innovations, with maximum use of processed data in real-time, allowing for quick and safe decision-making,” Petrobras said.

As for the Aram block, it was acquired in March 2020, in the 6th Bidding Round of the National Agency for Petroleum, Natural Gas, and Biofuels (ANP), under the Production Sharing regime, with Pre-Sal Petróleo S.A. as manager.

Petrobras is the operator of the block and holds an 80 percent share, in partnership with CNODC which holds the remaining 20 percent.

In other company news, it is worth noting that media reports surfaced earlier this week claiming that Petrobras could commit between $60 and $70 billion in capital expenditure in its next multi-year business plan, raising the capex from the current $55 billion of the 2021-2025 program.

Petrobras confirmed in a statement that the value speculated by the media roughly corresponds to plans currently being analyzed by the Petrobras board.

"The company informs that the values mentioned in the articles are close to the values of the studies assessed by the Executive Board.”

“However, the Strategic Plan is still being analyzed by the Board of Directors, the competent body for its approval, and it is not possible to confirm, at this time, the investment values that will be fixed for the period 2022-2026.”

“The company emphasizes that the values of the 2022-26 Strategic Plan need to be taken into account in the context of the plan as a whole," Petrobras stated. The media reports also stated that the new 2022-2026 Petrobras plan would be released on November 25.

To contact the author, email bojan.lepic@rigzone.com


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