Petrobras announces oil discovery

Submitted by Sebastião Martins on Fri, 2012-07-13 16:13

13th July 2012

Petrobras finds oil in Espírito Santo Basin

Petrobras currently hails an estimated discovery rate of 85 per cent.

State-owned oil company, Petrobras, has made a fresh discovery in the post-salt layer of the Espírito Santo Basin, it announced this week.

The oil giant, hailing a current discovery rate of 85 per cent, said it struck low-quality heavy crude of around 15º API while drilling its Grana Padano well at a depth of 1208 m. Grana Padano lies in Petrobras’ ES-M-661 block 58 km off the city of Vitoria, state of Espírito Santo.

Petrobras operates the block, in which it has a 40 per cent stake in conjunction with IBV Brasil (30 per cent) and Andarko (30 per cent).

“The consortium will now submit a plan to Brazil’s oil regulator ANP to outline the extent of the find, as well as to estimate production levels and recoverable resource volume," Petrobras told OGT.