Petrobras makes deepwater presalt Santos basin discovery

Offshore staff

RIO DE JANEIRO – Petróleo Brasileiro S.A. (Petrobras) has discovered presalt oil in its fifth well in the Transfer Rights Agreement area known as Sul de Tupi (Tupi South) in Santos basin offshore Rio de Janeiro state.

Well 4-BRSA-1047-RJS (4-RJS-698), known as Sul de Tupi, is south of Lula field, at a water depth of 2,188 m (7,177 ft) 302 km (188 mi) off the coast.

The well confirmed the presence of reservoirs of excellent quality in carbonate rocks below the salt layer.

At the time of reporting, the well continues to be drilled and its depth currently stands at 5,220 m.  Drilling will proceed to the stratigraphic level of approximately 5,600 m.

According to the Mandatory Exploratory Program of the Transfer of Rights Agreement, once drilling is complete, a formation test is scheduled.

As laid out in the agreement, the exploratory phase is expected to end by September 2014, and Petrobras may declare commerciality within this period.

1/9/2013

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