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Repsol Makes New Brazilian Offshore Discovery

Source: www.gulfoilandgas.com 1/26/2011, Location: South America

Repsol Sinopec with partners, Petrobras of Brazil and UK-based BG Group, discovered high quality crude in ultra-deep waters in the Santos Basin in Brazil’s pre-salt play.

The discovery was made in the Carioca Northeast well in block BM-S-9, approximately 275 kilometres (171 miles) from Sao Paulo. The new well is in the Carioca area in water 2,151 metres (7,057 feet) deep. Initial testing has indicated the existence of a reservoir 200 metres thick, containing 26 API grade oil.

The discovering consortium is formed by Repsol Sinopec (25%), Petrobras as operator and owner of a 45% interest, and BG Group (30%).

In the BM-S-9 block, the company has made some of the world’s most significant discoveries, such as Guara, Iguazu and Abare East. The block includes the Guara and Carioca exploratory areas, where the latest discovery was made. Guara and Carioca are two major areas that Repsol considers key growth areas to boost new projects.

The consortium will continue with the planned investments set out in the discovery evaluation plan presented to Brazil’s National Oil Agency (ANP) in 2007 to confirm the size and quality of the discovery and to continue the activity in the pre-salt Santos Basin.

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