Portuguese-Brazilian consortium finds oil in Santos basin in Brazil

21 March 2012

Portuguese group Galp Energia said Tuesday in Lisbon it had discovered oil of “good quality” in the Carcará well in the ultra-deep waters of the pre-salt layer of the Santos basin,, 232 kilometres off the coast of the Brazilian state of Sao Paulo.

In a statement sent to Portuguese stock market regulator CMVM, Galp Energia said that the consortium for exploration of Block BM-S-8 had drilled a new well in which it found “the presence of good quality oil,” in reserves at a depth of around 5,750 metres.

“The well is still being drilled with the aim of finding the lower limit of the reserves, as well as to identify other possible areas of interest,” the statement said.

The Galp Energia group, via its subsidiary Petrogal Brasil, owns a stake of 14 percent in the consortium that explores Block BM-S-8, whilst 66 percent is in the hands of Petrobras (operator), 10 percent belongs to Barra Energia do Brasil Petróleo e Gás and 10 percent to Queiroz Galvão Exploração e Produção.

In the same basin the Portuguese group also has stakes in another three blocks: BM-S-11 (10 percent), BM-S-21 (20 percent) and BM-S-24 (20 percent). (macauhub)