Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, and its partners in a Santos Basin exploration block confirmed Tuesday a third pre-salt oil discovery.
The oil find, made in the BM-S-8 block off the coasts of Rio de Janeiro and Sao Paulo states, was made in the Caracara well. The well was drilled in 2,027 meters of water, with the oil reservoir reached at a depth of 5,750 meters. Petrobras is lead operator of the block with a 66% stake, while Portugal’s Galp Energia holds 14%. Queiroz Galvao Exploracao e Producao and Barra Energia do Brasil each hold 10% stakes.
The latest discovery confirms the potential of the BM-S-8 block, part of a cluster of exploration areas that hold ultra-deepwater oil reservoirs, the companies said. Potential volumes for the BM-S-8 finds weren’t disclosed, but Brazil officials have estimated the pre-salt discoveries could potentially hold as much as 100 billion barrels of oil.
Petrobras is investing heavily to tap the reserves, with plans to spend $224.7 billion through 2015.
