Franco and Sul de Tupi offshore oil fields declared commercially viable

Source:Petrobras

Franco and Sul de Tupi offshore oil fields declared commercially viable Petrobras announces that yesterday (19) it submitted to Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) the declaration that the oil and gas accumulations of Franco and Sul de Tupi are commercially viable. These areas fall within the Transfer of Rights Agreement and are located in the Santos Basin pre-salt.

In the proposal sent to the ANP, the names suggested for the new fields were Búzios and Lula Sul for Franco and Sul de Tupi, respectively.

Franco – Búzios Field
The volume contracted through the Transfer of Rights Agreement for Franco area, of 3.058 billion barrels of oil equivalent, was confirmed in the exploratory phase. The pre-salt reservoirs in this field contain good quality oil (between 26º and 28º API).

During the execution of the Franco Mandatory Exploratory Plan, Petrobras acquired 3D seismic data for the entire area and drilled two mandatory and six additional wells, with the objective of delimiting and characterizing the reservoirs. An extended formation test was also performed.

Búzios field is some 200 km off the coast of Rio de Janeiro state at a water depth ranging from 1,600 to 2,100 meters.

Petrobras 2013-2017 Business and Management Plan allows for the startup of five production systems for Búzios field by 2020, as defined below:

- Búzios 1 – 3rd quarter 2016
- Búzios 2 – 4th quarter 2016
- Búzios 3 – 3rd quarter 2017
- Búzios 4 – 4th quarter 2017
- Búzios 5 – 4th quarter 2019

Sul de Tupi – Lula Sul Field
The volume contracted through the Transfer of Rights Agreement for the Sul de Tupi area, of 128 million barrels of oil equivalent, was confirmed during the exploratory phase. The pre-salt reservoirs in this field contain good quality oil (27º API).

Petrobras acquired 3D seismic data for the entire area and drilled a well, as stipulated in the Mandatory Exploratory Plan.

Lula Sul field is around 300 km off the coast of Rio de Janeiro state at a water depth of approximately 2,200 meters.

Production in the Lula Sul field will be based on the same production system planned for the Extremo Sul module of Lula field. Petrobras 2013-2017 Business and Management Plan forecasts the first oil from this system in the 1st quarter of 2017.

Now that the declarations of commerciality for the Franco and Sul de Tupi areas have been submitted, the formal process of reviewing the Transfer of Rights Agreement can go ahead. The review will be conducted on a block-by-block basis, taking into consideration the technical and economic assumptions for each area.

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