RIO DE JANEIRO, May 29 (Reuters) - Brazilian state oil company Petrobras on Thursday announced a new "important" find of light oil 36 API grade in the shallow waters of the Santos basin off Sao Paulo state's coast.
Unlike a slew of recent discoveries in the subsalt cluster at great depths at sea, the find was made above the layer of salt about 6,560 feet (2,000 meters) under the ocean floor and and at a water depth of just 770 feet (235 meters), which should make future output easier.
Petrobras is the only company working the BMS-40 block, where it expects to start drilling a second well next month, it said in a statement. It provided no reserve estimates.
The find, located about 170 miles (275 km) south of the coastal city of Santos, was confirmed via a formation test, which showed a high flow rate for the type of reservoir and oil found and an estimated per-well production potential of more than 12,000 barrels per day, the company said.
"The discovery is of great importance because of its potential for light oil production and the reserve's location in shallow waters," it added.
Speaking in El Salvador earlier on Thursday, Brazilian President Luiz Inacio Lula da Silva said his country "has just discovered big oil blocks with a great potential to turn it into one of the three top countries by oil reserves."
Friday, May 30, 2008
Petrobras Finds Light Oil In Shallow Water
Petrobras makes new, "important" light oil find