New well reinforces Tupi reserves estimates

Petrobras announces that another well in the Tupi area reinforces the estimations of the potential for 5 to 8 Bbbl of recoverable light oil and natural gas in the pre-salt reservoirs in ultra deep Santos basin waters.

Offshore staff

RIO DE JANEIRO -- Petrobras announces that another well in the Tupi area reinforces the estimations of the potential for 5 to 8 Bbbl of recoverable light oil and natural gas in the pre-salt reservoirs in ultra deep Santos basin waters. The well is being drilled toward deeper objectives.

Located 33 km (20.5 mi) northeast of the pioneering I-RJS-628 drilling, the new well, called 4-BRSA-711-RJS (4-RJS-647), confirms good quality reservoirs of oil similar to that found before in Tupi.

Informally known as Iracema, this third well is in the Tupi Assessment Plan area, in waters where the depth is 2,210 m (7,251 ft) from the water line, some 250 km (155 mi) off the coast of Rio de Janeiro.

The discovery was proved via light oil (approximately 30º API) samplings from reservoirs located at a depth of some 5,000 m (16,404 ft) and communicated to the National Petroleum Agency (NPA) today.

After completing the drilling, the Consortium, formed by Petrobras (65% - Operator), BG Group (25%) and Galp (10%), to explore block BM-S-11, where Tupi is located, will carry on with the activities and investments called for in the Assessment Plan which was approved by the NPA and which foresees the drilling of other wells in the area.

06/05/2009

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