In its proposal to Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP), the company has suggested renaming the fields Sul de Sapinhoá (South of Guará), Sépia (Northeast of Tupi), and Itapu (Florim).
Collectively they contain 1.214 Bboe, with good-quality 26º to 29º API oil.
During implementation of the mandatory exploratory plan, Petrobras compiled 3D seismic data over all the areas and drilled three commitment and two additional wells to delimit and characterize the reservoirs. It also commissioned three formation tests and one extended well test.
Sépia and Itapu are between 185 km and 260 km (115 mi and 161 mi) offshore Rio de Janeiro state in water depths of 1,850 to 2,250 m (6,069 to 7,382 ft). Sul de Sapinhoá is 320 km (199 mi) offshore São Paulo state in 2,200 to 2,250 m (7,218 to 7,382 ft) of water.
Production from Sépia and Florim will start respectively in 2018 and 2020. However, Petrobras is analyzing various concepts for development of the Sul de Guará area and will announce the production start-up date when it reveals its 2015-2019 Business and Management Plan.
The formal process of reviewing the rights’ transfer agreement will get under way for all three fields on a block-by-block basis, based on the technical and economic assumptions for each area. The review is expected to be completed in 2015. The only Petrobras area under the rights transfer agreement not yet declared commercially viable is Entorno de Iara, but a declaration is expected by December.