Petrobras, Brazil, last week confirmed the presence of oil in sandstone reservoirs in the south of the Santos basin.
Petrobras has been drilling in the 1-BRSA-658-SPS (1-SPS-57) well. This well is situated in a block about 200km off the coast of Sao Paulo. Water depths are at 274 metres. The Rio de Janeiro-based company said that while still at the preliminary stages of evaluation, the company estimates that recoverable volumes of oil in the area are approximately 150MMboe (Million Barrels of Oil Equivalent).
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