Tupi on track following latest drilling success off Brazil

Petrobras has discovered more oil in its deepwater Tupi field in block BM-S11 off Brazil.

Offshore staff

RIO DE JANEIRO – Petrobras has discovered more oil in its deepwater Tupi field in block BM-S11 off Brazil. The latest well, 3-RJS-675A (informally Iracema Norte) was drilled in the Tupi Evaluation Plan area, in a water depth of 2,247 m (7,372 ft), 240 km (149 mi) from the coast of the state of Rio de Janeiro and 6 km (3¾ mi) northeast of Iracema well - 4-RJS-647. 4

The new well was drilled to lower structure than well 4-RJS-647, confirming the depth of the oil/water contact. It also discovered light oil with the same characteristics as the Iracema well, with a gravity of around 29º API.

Petrobras says that data obtained from this and other wells in the area reinforces its estimate of 5-8 Bbboe of recoverable light oil and natural gas in the pre-salt reservoirs of the Tupi area.

The company and its partners BG Group and Galp Energia (10%) will continue the program and investments outlined in the Evaluation Plan approved by ANP. This provides for drilling of further wells until a declaration of marketability, expected in December.

10/07/2010

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