Petrobas has new Llght oil discovery in Espírito Santo basin

Petrobras has announced the discovery of light oil in sandstones reservoirs of the post-salt section of Espírito Santo Basin.

Dec 16th, 2010

Offshore staff

RIO DE JANEIRO, Brazil -- Petrobras has announced the discovery of light oil in sandstones reservoirs of the post-salt section of Espírito Santo Basin.

This new discovery was the result of the drilling of well 1-BRSA-882-ESS, informally referred to as Indra, and is located in the BM-ES-32 (Block ES-M-594) Exploratory Concession. Petrobras, which holds a 60% stake in this concession, is the operator of the consortium, comprised of Statoil, holder of the remaining 40%.

This new oil and gas accumulation is located 140 km from the city of Vitória. The reservoirs containing oil have a total payload thickness around 70 m and is approximately 3,850 m deep. Located in water depths of approximately 2,100 m, it is the deepest oil discovery in the Espírito Santo basin.

Preliminary estimates suggest that the oil accumulation ranges from 25º to 30º API, with quality similar to the oil discovered in Golfinho Field, approximately 70 km away. Additional studies will be necessary to evaluate volumes, extent and productivity of these reservoirs.

12/16/2010

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