Brazilian state-run energy giant Petroleo Brasileiro S.A. (PBR), or Petrobras S.A., announced the discovery of more light oil in the pre-salt reservoirs of the Tupi areain the country’s Santos Basin. The new well – the eighth in Tupi – reinforces the region’s potential of 5-8 billion barrels of recoverable reserves.
Drilled to a total depth of 7,372 feet (2,247 meters), the 3-BRSA-839A-RJS (3-RJS-675A)well, informally known as Iracema Norte, is located in the Tupi Evaluation Plan area about 149 miles (240 kilometers) off the coast of Rio de Janeiro and 4 miles (6 kilometers) to the northeast of the Iracema well – 4-RJS-647. Petrobras has a 65% operating interest in block BM-S-11 (where the Tupi area is located), with the other partners being U.K’s BG Group and Portugal’s Galp Energia.
Brazil has huge pre-salt reservoirs (oil deposits located in the sea bed under thick layers of salt) that lie below the Espírito Santo, Campos and Santos basins in deep and ultra-deep water. These reserves, estimated to hold upwards of 50 billion barrels, are widely thought to be the most important oil find in recent years. Petrobras is the operator in most of these exploration areas, and holds interests in them ranging from 20% to 100%.
Headquartered in Rio de Janeiro, Petrobras is the largest integrated energy firm in Brazil and one of the largest in Latin America. The company’s activities include: the exploration, exploitation and production of oil from reservoir wells, shale and other rocks, and in the refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
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