Wednesday, 17 November 2010

Petrobras finds light oil in a well south of the Santos Basin

Petrobras has discovered light oil in a well south of the Santos Basin off the Brazilian southeast coast. The well is located 280km off the coast of Sao Paulo state, about 15km away from the Tiro and Sidon area, in water depths of 400 metres. Petrobras announced the find on Tuesday [16th November], but did not give an estimate of how much oil the find might contain.

It made the discovery at the S-M-1352 block in the BM-S-41 concession in which it has an 80 per cent stake, after transferring a 20 per cent stake to its co-operative partner Karoon. The company said it was continuing to drill in the same well, with the possibility it could find more reserves at a greater depth.

Petrobras said the discovery proves the success of the exploratory strategy of searching for new sources of oil and gas in the southeast of Santos Basin, where a series of fields have been discovered already.

Source: Xinhua

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