New Discovery of Good Quality Oil in Transfer of Rights Area

Source: www.gulfoilandgas.com 1/8/2013, Location: South America

Petrobras announces that the fifth well drilled following the execution of the Transfer of Rights Agreement discovered good quality oil in the area known as Sul de Tupi (Tupi South), in the pre-salt of Santos Basin.

Well 4-BRSA-1047-RJS (4-RJS-698), informally known as Sul de Tupi, is located south of Lula field, at a water depth of 2,188 meters and is 302 km off the coast of Rio de Janeiro state. The well confirmed the presence of reservoirs of excellent quality in carbonate rocks below the salt layer.

Preliminary assessments indicate that there is communication between the Transfer of Rights reservoirs of Sul de Tupi and the Lula Field, where oil of approximately 28 degree API has been verified. The well continues to be drilled and its depth currently stands at 5,220 meters. Drilling will proceed to the stratigraphic level of approximately 5,600 meters as set out in the Transfer of Rights Agreement.

According to the activities and investments laid out in the Mandatory Exploratory Program (PEO) of the Transfer of Rights Agreement, once drilling is complete, a formation test is scheduled to take place to assess the productivity of the reservoirs.

As laid out in the agreement, the exploratory phase is expected to end by September 2014, and Petrobras may declare commerciality within this period.


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