MercoPress. South Atlantic News Agency

Petrobras confirms high quality oil in latest off-shore discovery

Brazil’s government controlled oil and gas corporation Petrobras said its seventh well in the offshore Tupi field confirmed the potential of light oil in pre- salt reserves. The 3-BRSA-821-RJS well, known as Tupi Alto, is about 275 kilometers off the coast of Rio de Janeiro state, Petrobras confirmed Thursday in a regulatory filing.

The seventh well, (drilled in 2.111 meters of water) reinforces earlier estimates that Tupi holds 5 billion to 8 billion barrels of recoverable light oil and natural gas, the company said. Petrobras operates the field with a 65% stake, while BG Group Plc holds 25% and Portugal’s Galp Energia SGPS SA has 10%.

According to partner BG Group, wire-line testing confirmed the presence of light oil (around 30º API) and high-quality properties across the key Sag reservoir.

BG Group CEO Frank Chapman said: “Appraisal results continue to confirm the reservoir models in Tupi, Iracema, and Guara by giving better definition in crestal areas and on the flanks of the fields. The results continue to de-risk the production outlook for these assets and allow us to optimize field development planning and capital efficiency.”

Work on Tupi Alto is complete. Drillstem tests will start shortly to evaluate reservoir productivity.

Petrobras is seeking to invest as much as 224 billion US dollars through 2014 to develop reserves including Tupi, the Americas’ largest find since Mexico’s Cantarell in 1976.