Santos Basin, in Brazil, may contain more oil than so far confirmed

21 September 2010

Sao Paulo, Brazil, 21 Sept – the oil reserves in the so-called pre-salt layer may contain 15 to 20 billion barrels more than the 14 billion barrels that have already been confirmed by Petrobras, according to a study ordered by the National Oil Agency (ANP) published Monday by the Brazilian press.

Brazilian newspaper O Estado de São Paulo reported that the calculation was made by certification company Gaffney, Cline & Associates (GCA), and the study also noted that the potential of the pre-salt layer was the equivalent of the world’s large oil-producing basins, such as those in canada and the Orinoco strip in Venezuela.

The report was drawn up to help ANP in its negotiations with Petrobras for the sale of pre-salt oil barrels in a process called onerous transfer, which secured the resources needed for the government to take part in the state company’s capital call.

ANP usually works with a potential of 50 billion barrels for the pre-salt layer, but this is the first time that reserves outside the Petrobras concessions have been officially certified.

According to GCA, the certified volume is the equivalent of the sum of a number of huge oil discoveries in the last few years, such as the Kashagan field in Kazakhstan, the area of the Gulf of Mexico that made it possible to set up Thunder Horse, the world’s biggest oil rig, as well as areas in the Campos basin such as Marlim and Roncador. (macauhub)