Offshore staff

RIO DE JANEIRO, Brazil -- Petrobras, has discovered 27º API oil with exploratory well 1-BRSA-491-SPS (1-SPS-50) in block BM-S-9 in the Santos basin offshore Brazil. The well was drilled in 2,140 m (7,021 ft) water depth 273 km (170 mi) offshore.

The formation test performed in the vertical well suggests production could reach 2,900 b/d of oil and 57,000 cm/d (74,553 cf/d) of gas, with flow limited by the test's operating facility and safety restrictions. Formation test assessments and new geological studies are being undertaken to prove whether or not the reservoirs have good productivity characteristics and economically viable volumes, Petrobras says.

New investments will be made, including in drilling new wells and developing new technologies that will lead to progress in the deepwater of the Santos basin, the company says.

Petrobras operates the field with 45% interest. Partners include British Gas with 30% interest and Repsol YPF with 25% interest.

9/5/2007