Petrobras Announces a New Oil Find in BC-60 Block

Source: www.gulfoilandgas.com 12/5/2002, Location: South America

Petrobras, Brazil's largest oil and gas, petrochemicals and energy company, announces a new oil find in the BC-60 block in the northern area of the Campos Basin, off the southern coast of the State of Espirito Santo and approximately 10 km from the recently-discovered Jubarte field.

The wildcat 1-ESS-116 well was drilled 76 km offshore in a water depth of 1,478 meters, encountering a 60-meter thick saturated 19 degree API oil-bearing formation. The geological studies in the area indicate potential reserves of about 300 million BOE, which together with those in the Jubarte field, total approximately 900 million BOE of oil reserves already discovered in the BC-60 block.

The Jubarte field is currently producing 17 thousand bpd of 17 degree API oil from a single well on the basis of a long duration production test, which will provide the basis for an eventual permanent production project in the Field. The well has a daily output capacity of 25 thousand barrels although the facility is operating at a reduced level at present due to limited processing capability at the production unit being used.

Data obtained from testing recently concluded, indicates that daily output levels from each well in the vicinity of the 1-ESS-116 are of the order of 20,000 barrels. Another well is already being drilled in the 1-ESS-116 area for supplying complementary information to the industry regulator, Agência Nacional do Petroleo, as to commercial viability.


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