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Brazil's Oil Company Confirms
Light-Oil Well Discovery
Brazil's state-owned oil and gas
giant Petrobras confirmed on
Wednesday the discovery of a
significant amount of light oil
in the Santos Basin off the
coast of the country's Sao Paulo
state.
The confirmation was made after
the company conducted tests in a
vertical well and detected a
flow of 4,900 barrels of oil and
150,000 cubic meters of natural
gas per day. The highly
productive reservoir was found
under a 2,000-meter thick layer
of salt, also known as pre-salt.
Petrobras said it would make
further investigations to
determine the total oil and gas
reserve of the well.
According to experts, a
reservoir that lies underneath a
layer of pre-salt is
commercially viable if its total
capacity exceeds 700 million
barrels. Although drilling a
well of this kind required a big
investment, it was worthwhile
because the rewards would be
high, said Marcio Rocha, a
geologist from the Brazilian
Association of Petroleum
Geologists.
There may be other wells below
the pre-salt layers in the deep
waters of the Campos Basin in
the Rio de Janeiro state, said
Rocha.
The new well was discovered
during exploration being carried
out by a consortium comprising
Petrobras, the UKs' BG Group and
Portugals' Petrogal.
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