New well confirms potential of light oil in Tupi

abarrelfullabarrelfull wrote on 11 Oct 2010 11:07
Tags: brazil galp petrobras tupi upstream

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In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, S.A. (Galp Energia) hereby discloses the following information:

The contractor group for BM-S-11 in ultra-deep water of Santos Basin, including Galp Energia, Petrobras and BG Group, informs that the drilling of the eighth well located in Tupi’s area, confirmed the light oil potential of pre-salt reservoirs of that area.

The new well, informally known as Iracema Norte, is located in Tupi’s Evaluation Plan Area, in a water depth of 2,247 meters, around 240 kilometers off the coast of the State of Rio de Janeiro and 6 kilometers northeast from Iracema well.

The well Iracema Norte, drilled in a lower structural position than Iracema well, confirmed the contact oil/water depth and proved, by cable oil testing, the discovery of light oil with the same characteristics of Iracema well (density of around 29º API).

The information obtained in this well, along with information gathered from previous wells, reinforces the estimated volumes of recoverable light oil and natural gas in the range between 5 and 8 billion barrels in the pre-salt reservoirs of Tupi’s area.

The contractor group will carry on the activities and investments in accordance with the Evaluation Plan already approved by ANP, which foresees the drilling of further wells until the declaration of commercialization, expected in December 2010.

Galp Energia holds a stake of 10% in the contractor group that explores BM-S-11, while Petrobras (operator) holds 65% and BG Group holds 25%.

Galp Energia holds stakes in three other blocks in this Basin with high exploratory potential: BM-S-8 (14%), BM-S-21 (20%) e BM-S-24 (20%).

New well confirms potential of light oil in Tupi

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