Petrobras new sub-salt oil discovery

Brazilian state player Petrobras has confirmed the presence of oil in pre-salt reservoirs on Block BM-S-8 in the Santos basin.

Petrobras said in a statement that a formation test had proved the presence of oil in well 1-PRSA-532A-SPS. The company said preliminary analyses shows oil gravity to be between 25 and 28 API grade, comparable to that of the other pre-salt oils found in the Santos basin. The well, the first on the block, lies in 2139 metres of water about 250 kilometres off Brazil's Sao Paulo state. The well was drilled to total depth of about 6773 metres, tapping oil accumulations at about 6000 metres. Petrobras is operator of block BM-S-8 while Shell holds a 20% stake and Portugal's Galp Energia holds a 14% stake. The consortium was preparing an evaluation of the find to be presented to Brazilian energy regulator ANP, Petrobras said. However, the company provided no reserves estimates. It is not clear whether the find, and other recent sub-salt discoveries in the so-called Sugarloaf region, are part of a single structure. The new oilfield is close to Petrobras's giant Tupi find of last year, estimated at between 5 billion and 10 billion barrels, and one of the biggest oil discoveries in the last 20 years.
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