Brazil’ Petroleo Brasileiro SA (Petrobras) has declined to comment on revised production estimates BG Group has made concerning the supergiant Tupi oil discovery in the Santos basin.
“We will not comment on those projections,”said a Petrobras spokesman, apparently referring to comments made by BG Chief Executive Officer Frank Chapman that production at the offshore field could reach 1 million boe/d when fully developed.
Petrobras reported late in 2007 the discovery of as much as 8 billion bbl of light crude in Tupi field off Rio de Janeiro. The estimated reserves could make Brazil a major world oil exporter.
However, BG Group now estimates total hydrocarbons in place on the Tupi discovery to be 12-30 billion boe or more, up from its own earlier estimates of 1.7-10 billion boe gross hydrocarbons in place.
BG’s revised reserve estimate was reported in a statement concerning the company’s long-term growth strategy that was released ahead of the presentation of its fourth-quarter results.
BG also said the Carioca discovery made in the Santos basin in 2007 had further prospects still to be explored, including two with “very large potential,” the Corcovado and Iguacu complex.
Petrobras holds a 65% stake in Block BM-S-11 where Tupi was discovered and is the operator. BG has a 25% stake, and Portugal’s Galp Energia holds 10%.
