Petrobras Finds New Oil Frontier
The newly announced oil province is located in a new exploratory frontier, where the pre-salt layer was reached for the first time. To date, Petrobras is the only company, with operator status, with or without partnerships, that has drilled, tested, and evaluated pre-salt rocks.
Petrobras analyzed and tested the Tupi area. The formation test analyses undertaken for the second well in the BM-S-11 block, located in the Santos basin, allows the recoverable volume of 28 degree API light oil to be estimated at 5 to 8 billion barrels of oil and natural gas. Petrobras is the area's operator and holds 65% of the working interest, while British outfit BG holds 25%, and Portuguese company Petrogal - Galp Energia, 10%.
With $1-billion in investments made over the past couple of years, 15 wells were drilled and reached the pre-salt layers, eight of which duly tested and evaluated based on the best oil industry techniques. These wells produce high commercial value light oil (28 degree API) and a large amount of associated natural gas.
Petrobras developed new drilling techniques to reach the pre-salt layers, at depths of 5,000 to 7,000 meters: more than 2,000 meters of salt have already been crossed. The first well took more than a year and cost $240 million to be drilled. Nowadays, Petrobras drills an equivalent well in 60 days for $60 million.
The data obtained from these wells, integrated with a major mapping effort, allowed the company to determine, with a high degree of accuracy, that the pre-salt rock formations range from an area extending from the State of Espirito Santo to the State of Santa Catarina. It is about 800 km long and 200 km wide, and is found in water depths between 2,000 to 3,000 meters.
The National Oil, Natural Gas and Biofuels Agency has already granted about 25% of the pre-salt rock areas to several oil companies in the form of exploratory blocks and production concessions.
The analysis and interpretation of the production data obtained from the eight tested wells, which have extremely high productivity, provided concrete elements that allow the company to guarantee Brazil is before the country's biggest oil province, comparable to the world's most important oil-bearing areas.
Petrobras has already discovered 25 billion barrels of oil
Since its creation, Petrobras has discovered 25 billion barrels of oil and natural gas in Brazil, of which 11 billion have already been lifted. The current Brazilian proved reserves are 14 billion barrels. Most of this oil and natural gas is located in the so-called "post-salt" geological layers, 80% of which in the Campos Basin, where heavy oil predominates.
As of 2003, Petrobras expanded its activities and sought new exploratory frontiers. As a result of its efforts, the company has appropriated 9 billion barrels in reserves in the past five years.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea