Peter Howard Wertheim
RIO DE JANEIRO, Sept. 3 -- Brazil's state-owned oil company announced that it has more than doubled its estimate of light oil reserves on Block Seal-100 in Sergipe-Alagoas basin off northeastern Brazil.
The announcement stemmed from a series of oil discoveries this year that could help shift Petrobras's reserves profile at least somewhat from heavy crude to more light oil and natural gas.
Consequently, the National Petroleum Agency (ANP) increased Sergipe-Alagoas basin's reserves estimate to 76 million bbl from 28 million bbl.
The oil is 41-43° gravity, Petrobras said. The discoveries are in 1,200-1,600 m of water in Piranema field, expected on stream by August 2006, a spokesperson told OGJ.
The basin's light oil will enable Petrobras to decrease imports of light oil to blend with locally produced heavy crude at its refineries, the company said. Petrobras owns 11 refineries, built to process light crude.