Petrobras has discovered an oil field off the country's northern coast in the SEAL 100 block with estimates of 76 MMbbl of high-quality light crude. This discovery will be named the Piranema field, in the Atlantic Ocean off the coast of the northeastern state of Sergipe in 1,200-1,600 ft of water.

The light crude, higher in quality than the heavy and medium grades usually extracted in Brazil by the wells SES-142, 143, 147, 149, and 154, measures 41-43° API. Production plans are currently in the initial preparation stage.

Currently, Petrobras produces 43,000 b/d in the region, 36,000 from open-ocean operations and 7,000 on land in Sergipe.

Industry analysts expect a 2-3 yr wait before the oil reaches market, since extraction will require the construction of either fixed or floating platforms and a network of pipelines.

Petrobras produces an average of 2 MMb/d oil and liquid natural gas and maintains the second largest crude reserves in South America after Venezuela.

09-1-04