Petrobras' new Tupi well confirms massive size of oil field

By Phaedra Friend Troy

Brazilian major Petrobras (NYSE:PBR) has confirmed the massive size of the Tupi oil field in the ultra-deepwaters of the Santos Basin offshore Brazil.

The Iracema Norte well, 3-BRSA-839A-RJS (3-RJS-675A), was drilled in the Tupi formation, and information obtained from the well confirms the previous estimate of size of the pre-salt field, -- 5 to 8 billion barrels of recoverable light oil and natural gas.

Drilled on Block BM-S-11 in waters measuring 2,247 meters deep about 240 kilometers from the coast of the state of Rio de Janeiro, the Iracema Norte well is located about 6 kilometers northeast of the Iraceme well, 4-RJS-647 (4-BRSA-711).

The new well was drilled in a lower structural position than its predececor, confirming the depth of oil/water contact and proving through cable test samples the discovery of 29-degree API light oil.

The Tupi evaluation plan has already been approved by the ANP, and future drilling on the reservoir is planned. Declaration of marketability is expected by December 2010.

Petrobras serves as the operator of the block with 65 percent interest. Project partners include BG Group with 25 percent and Galp Energia with 10 percent.

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