Petrobras finds oil at ultra-deepwater Sergipe Basin, plans $200MM investment

By Phaedra Friend Troy

Brazilian producer Petrobras (NYSE:PBRhas confirmed reports that the company has discovered “light hydrocarbons” with the 1-SES-158 exploration well in the ultra-deepwaters of the Sergipe-Alagoas Basin offshore Brazil.

Coming in at a cost of $40 million, the discovery well transected light oil in-line with Campos Basin reservoir characteristics, but the company is reticent to estimate the size of the recoverable reserves at the new field.

At this point, Petrobras plans an investment of approximately $200 million in the Sergipe Basin discovery to bring the field to first production.

Drilled by the Ocean Courage, the discovery well is located on BM-SEAL-11, wich is operated by Petrobras with 60 percent interest. Project partner IBV holds the remaining 40 percent.

The discovery well is still in the process of being drilled and will “continue assessing older and deeper reservoirs.”

This new discovery is the result of a massive exploration and development investment in the Sergipe Basin. The campaign aims to take advantage of existing infrastructure to more quickly and cost-effectively bring nearby fields into production.

Producing for some years now in the deepwaters of the Sergipe Basin, the Piranema oil field was developed via a round-hulled FPSO.

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