Brazil: Petrobras estimates reserves of up to 4 billion barrels of oil at Iara field

12 September 2008

Sao Paulo, Brazil, 12 Sept – Brazilian oil giant Petrobras confirmed Wednesday it had found light oil in the pre-salt layer of the Santos basin and estimated reserves of between 3 and 4 billion barrels of oil and natural gas.

The well, known as Iara, is located to the north of the Tupi field, some 230 kilometres off the coast of the city of Rio de Janeiro. The final depth of the well was 6,080 metres.

The area is explored by a consortium made up of Petrobras (65 percent), BG Group (25 percent) and Portugal’s Galp Energia (10 percent), within the BM-S-11 bloc, in ultra deep water in the Santos basin.

At the Tupi field, reserves are estimated at between 5 and 8 billion barrels of light oil and natural gas.

the new oil strike, which was communicated to Brazil’s National Oil Agency (ANP), was confirmed in a cable test and showed the existence of light oil. (macauhub)