Petrobras reports more light oil at Espírito Santo

Offshore staff

(Brazil)-Petrobras recently announced the discovery of a new light oil field in the Espírito Santo basin, the result of drilling the 4-ESS-164A well. The find, located 12 km to the northeast of the Golfinho field, has an estimated volume of approximately 280 MMboe of what is currently reported to be excellent quality oil.

In addition, Petrobras has recently drilled well 4-ESS-160 in the basin just adjacent to the Golfinho field, which has resulted in a new discovery with estimated volumes of between 60 and 80 MMboe. Considering the Golfinho field's earlier estimates at 250 MMboe, this new find increases potential reserves in the region to between 310 and 330 MMboe.

Petrobras has an 88% exploration success rate in Espírito Santo's light oil province, with 15 of the 17 wells drilled providing evidence of hydrocarbons. The company plans to drill another two exploratory wells in the basin before the end of the year.

Espírito Santo has held a great deal of potential from the initial exploration work done there. With these two recent discoveries, Petrobras estimates that potential light oil reserves in the basin now stands at 600 MMboe.

04/19/2006