Petrobras, partners find oil with Iara well off Brazil

A consortium comprised of Brazil's Petrobras, BG Group, and Galp Energia has made an oil discovery on Block BM-S-11 in the presalt layers of the Santos basin off Brazil.

Eric Watkins
Senior Correspondent

LOS ANGELES, Aug. 8 -- A consortium comprised of Brazil's state-owned Petroleo Brasileiro SA (Petrobras), BG Group, and Galp Energia has made an oil discovery on Block BM-S-11 in the presalt layers of the Santos basin off Brazil.

The 1-BRSA-618-RJS discovery well, informally know as Iara, was drilled 230 km off Rio de Janeiro in 2,230 m of water.

Petrobras said the discovery was proved by "a light oil sampling collected via a cable test carried out in reservoirs at a depth of 5,600 m." The well, which yielded oil of 30° gravity, is still being drilled in search of deeper prospects.

Petrobras, operator, holds a 65% stake in the consortium, while BG holds 25% and Galp 10%.

Contact Eric Watkins at hippalus@yahoo.com.

More in Exploration & Development