Petrobras discovers light oil in Espírito Santo basin

Petrobras has found oil in the Espírito Santo basin with well 4-ESS-172-ES.

Offshore staff

RIO DE JANEIRO, Brazil -- Petrobras has found oil in the Espírito Santo basin with well 4-ESS-172-ES.

A formation test carried out in a lined well at 1,011 m (3,317 ft) water depth indicates the reservoirs have excellent productivity, Petrobras says. The test indicates potential production could reach 10,000 b/d.

This find is in the BC-60 block off the coast of the state of Espírito Santo, 120 km (75 mi) south of the city of Vitória and 15 km (9 mi) southeast of the Jubarte oil field. The discovery is a new horizon that is part of the Caxaréu oil field in the northern Campos basin and was declared commercial to the National Petroleum Agency (NPA) in Dec. 2006.

The discovery was verified during the work carried out for the 1-ESS-121-ESS discovery assessment plan in an area. Petrobras operates the concession with 100% interest.

Preliminary geological studies reveal an in place potential of some 570,000,000 barrels. Additional studies will more precisely evaluate the reserves potential of the field.

3/3/2007

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