Petrobras consortium makes second Santos basin oil find

The consortium led by Brazil's Petrobras said a second well drilled on Block BM-S-9 in the ultradeep waters of the Santos basin has confirmed light oil.

Jun 13th, 2008

Eric Watkins
Senior Correspondent

LOS ANGELES, June 13 -- The consortium led by Brazil's Petroleo Brasileiro SA (Petrobras) said a second well drilled on Block BM-S-9 in the ultradeep waters of the Santos basin has confirmed light oil.

Petrobras said the second well showed oil near the previously announced Carioca discovery. The new find, Guara, was drilled in 2,141 m of water to a total depth of 5,000 m. Petrobras said the oil carried a density of 28° gravity.

Petrobras has announced a series of oil discoveries in the presalt layer of the Santos basin in recent months. In November 2007, it estimated that Tupi field could hold as much as 8 billion boe in reserves.

After completion of the well, the consortium said it will continue "the activities and investments required to verify the size of the deposit and the characteristics of the oil reservoirs."

BM-S-9 consortium members are Petrobras 45% (operator), BG Group 30%, and Repsol-YPF SA 25%.

Contact Eric Watkins at hippalus@yahoo.com.

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