Petrobras Light Oil Discovery in Brazil

Brazilian oil explorer, Petrobras announces that the consortium formed by Petrobras (45% - Operator), British Gas - BG (30%), and REPSOL YPF Brazil (25%) has discovered 27º API oil at exploratory well 1-BRSA-491-SPS (1-SPS-50), located at a depth of 2,140 m, 273 km off the coast, in the Santos Basin in Block BM-S-9.

This new positive result reaffirms the historic moment oil exploration is going through in Brazil, particularly in this deep water area in the Santos Basin.

The formation test performed in the vertical well suggests the production of 2,900 barrels of oil and 57,000 cubic meters of gas per day, with flow limited by the test s operating facility and safety restrictions. Formation test assessments and new geological studies are now being undertaken to prove whether or not the reservoirs that have been found have good productivity characteristics and economically viable volumes under such geographical conditions.