Declaration of Commercial Potential of New Giant Field in the Campos Basin

abarrelfullabarrelfull wrote on 09 Jul 2012 13:52

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December 27, 2005

PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that it has sent today to the National National Petroleum Agency – ANP the declaration of Commercial Potential of the Papa-Terra field, in the Campos Basin.

Preliminary appraisals point out that the new field, located in the evaluation plan of the former BC-20 block, at South of Campos Basin, is a giant field, with potential recoverable oil volumes between 700 million and 1 billion barrels of oil equivalent. The well 4-BRSA-2180-RJS is located in a water depth of 1,200 meters, showing crude oil with an API between 14º and 17º. The preliminary delimitation of the new field, discovered in 2003, resulted of the drill of five wells, beyond the pioneer and also an acquisition of 30 thousand kilometers of seismic lines.

This is an area operated by Petrobras, with working interest of 62.5% of the concession acquired in consortium with Chevron Overseas of Brazil Ltda in 1998, which participates with 37.5% of the investments.

The expectation of the Petrobras is that the new field can start production at the end of 2011, giving an important contribution for the Brazilian production of oil and gas.

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