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Latino Daily News

Thursday December 19, 2013

Petrobras Announces Deepwater Oil Find Off of Northeastern Brazil

Petrobras Announces Deepwater Oil Find Off of Northeastern Brazil

Photo: Petrobras

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Brazilian state-controlled energy giant Petrobras announced the discovery of an oil accumulation in a deepwater area off the coast of the northeastern state of Rio Grande do Norte.

The find was made while drilling the Pitu well in the Potiguar basin at a water depth of 1,731 meters (5,675 feet) and 55 kilometers (34 miles) off the coast, the company said in a statement Tuesday.

The accumulation was detected at the BM-POT-17 exploration and production block, in which Petrobras is the operator with an 80 percent stake and Petrogal, the local unit of Portugal’s Galp Energia, holds the remaining 20 percent interest.

The find was the first in the deep waters of the Potiguar basin, where reserves in shallow water had previously been discovered.

Petrobras identified the oil accumulation at 4,197 meters (13,760 feet) and drilling will proceed to a depth of 5,028 meters (16,485 feet).

“The consortium will proceed with operations to complete the well drilling until the planned depth, verify the extension of the new discovery and characterize the conditions of the reservoirs,” the statement said.

Petrobras, Brazil’s largest company and one of the biggest global oil corporations, produces an average of 2 million barrels of crude per day domestically, most of which is extracted from deepwater areas of the Atlantic Ocean.

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