Petrobras declares two deepwater oil fields commercial, reports new find in Santos basin

Offshore staff

RIO DE JANEIRO – Petróleo Brasileiro S.A. (NYSE: PBR) has sent a Declaration of Commerciality for Tiro and Sidon fields in southern Santos basin offshore Brazil to the National Petroleum, Natural Gas, and Biofuels Agency.

In the proposal, these new accumulations were named Bauna and Piracaba, corresponding to Tiro and Sidon, respectively. These oil fields are in block BMS-40, in shallow waters of Santos basin, 200 km (124 mi) off São Paulo state.

Petrobras has a 100% stake. Total recoverable volumes are estimated at 113 MMboe for Bauna field and 83 MMboe for the Piracaba field. Both contain light oil (34ºAPI for Bauna and 32ºAPI for Piracaba), in sandstones reservoirs located above the salt layer.

At the same time, Petrobras confirmed a find in ultra-deepwater Santos basin block BM-S-9, also in presalt. Well 3-BRSA-1023 (3-SPS-85), named Carioca Sela, is in 1-SPS-50 (Carioca) at 4.5 km (2 ¾ mi) from the discovery well.

Sampling at a well depth of 5,250 m (17,224 ft) recovered 27ºAPI oil. The water depth is 2,149 m (7,050 ft).

Petrobras (45% - operator), BG Group (30%), and Repsol Sinopec Brasil (25%) hold the tract.

2/24/2012

Well 3-BRSA-1023 (3-SPS-85), named Carioca Sela, is in 1-SPS-50 (Carioca) at 4.5 km (2 ¾ mi) from the discovery well.

Petrobras Carioca Sela Brazil

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