Photo: Santos Basin oil Reserves
Oil wells off of the Brazil coast are indicating in early testing that they can produce as much as 50,000 barrels of oil a day.
According to the British BG Group, that holds a minority stake in the oil wells, the oil wells are located in the Santos Basin – 7,000 feet deep and approximately 190 miles off the coast of Sao Paolo.
The findings reaffirm this site as an “excellent reservoir characteristics of this discovery,” according to the international cooperative drilling there. The oil reserve was just identified earlier this year and is believed to contain medium-grade crude oil.
Spanish energy giant Repsol, also a partner in the drilling sees Brazil’s offshore coasts as ‘one of the world’s fastest-growing oil and gas reserves.’