Petrobras makes 'relevant' offshore oil find with Iara

Petroleos Brasileiro SA (Petrobras) announced that an offshore field, in the same block as the Tupi field, is expected to yield some 3-4 billion bbl of recoverable light crude and natural gas.

Sep 12th, 2008

Eric Watkins
Oil Diplomacy Editor

LOS ANGELES, Sept. 12 -- Petroleos Brasileiro SA (Petrobras) announced that an offshore field, in the same block as the Tupi field, is expected to yield some 3-4 billion bbl of recoverable light crude and natural gas.

The Petrobras-led consortium, which also includes BG Group and Galp Energia, completed the drilling of well 1-BRSA-618-RJS and proved "the relevant discovery" of light oil in the presalt reservoirs.

"The new discovery…was confirmed by a cable test and revealed the existence of light oil, with specific gravity between 26° and 30° API, in an area of some 300 sq km that has been very well defined seismically," Petrobras said.

The state-owned firm said that the discovery well, called 1-BRSA-618-RJS (1-RJS-656) and known as Iara, lies in an area north of Tupi, about 230 km off Rio de Janeiro. It was drilled in 2,230 m of water to a final depth of 6,080 m.

Petrobras said the consortium partners "will give continuity to the exploratory activities and to the investments in this area via a discovery assessment plan to be submitted to the NPA, as provided for in the concession agreement, in order to characterize the field better."

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

Contact Eric Watkins at hippalus@yahoo.com.

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