Brazil: Petrobras confirms “significant” oil strike in Espírito Santo state

24 November 2008

Sao Paulo, Brazil, 24 Nov – Brazilian oil giant Petrobras said Friday that drilling of two wells in the pre-salt layer off the coast of the Brazilian state of Espírito Santo had confirmed a “significant” strike of light oil in the northern part of the Campos basin.

The oil company estimated that reserves found in the area of Parque das Baleias, in the Campos basin, may provide between 1.5 billion and 2 billion barrels of oil, the company’s own news agency reported.

The wells were drilled 80 kilometres off the coast and 5 kilometres from the 1 ESS-103 A well, which has been producing regularly since September.

According to Petrobras, the reserves in the Parque das Baleias area so far total 3.5 billion barrels of oil, including the strikes announced Monday.

Brazil’s oil reserves total around 14 billion barrels of oil and gas, without taking into account those in the pre-salt layer.

Recently a further six oil fields were discovered, including Tupi and Iara, with reserves estimated at between 12 and 8 billion barrels of light oil and natural gas. (macauhub)