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Brazil Finds Another 2 Billion Barrels of Light Oil

Petrobras in EspÀ­rito Santo, Brazil State-controlled oil multinational Petrobras informed Friday, November 21, that it has discovered new reserves of light oil in the pre-salt area along the coastline of the state of EspÀ­rito Santo, in the Brazilian Southeast.

In a press release, the enterprise reports that it is located in the area known as "Parque das Baleias" (Whale Park), north of the Campos Basin.

"The recoverable volume of discoveries, made in pre-salt reservoirs below the heavy oil fields of Baleia Franca, Baleia Azul and Jubarte, is estimated to be among 1.5 billion and 2 billion barrels of oil equivalent," according to the release.

The discovery was communicated to Brazil's National gasolineeum, Natural Gas and Biofuel Agency (ANP) as a relevant fact.

According to Petrobras, the two wells drilled are located approximately 80 kilometers off the coast. In these two wells, reservoirs are located between 4,200 and 4,800 meters below sea level, and have porous thickness with oil at 190 and 300 meters, which attests to the great potential of the findings.

According to the state-owned company, so far, six wells have already been drilled in the pre-salt section of Espí­rito Santo, all of which were successful. After the new discoveries, the estimated total oil volume in the Whale Park area, including reservoirs located above and below the salt layer, already totals to approximately 3.5 billion barrels of oil.

"The excellent results of those two drillings, the excellent results of the long-term tests at the first well to be drilled, 1-ESS-103A, and the logistic facilities already installed and being installed in the area are leading Petrobras to intensify its studies so as to speed up production in the pre-salt layer in the state of Espí­rito Santo," according to the release.

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  • Show Comments (1)

  • ch.c.

    Hmmmmm !
    One more “nice” new oil discovery…and same day one more Petrobras “nice” stock decline ! Plus a nasty one dayx decline in the Brl.
    And oil companies around the world had a stock price recovery of around 7-10 % last Friday…without any new oil discoveries !!!!

    Conclusion ?
    A) BUY the Brl as soon as possible on Monday when currencies markets open…. well before the BOVESPA opens
    B) BUY Petrobras stock at the market opening and at the same time sell your Brl bought just earlier. Because your Petrobras stock price already also include the Brl currency price.
    C) Petrobras should be bought for a nice quick trade…..but not for a longer term time frame !
    D) the trade should be done in relation to the U.S. oil companies last Friday movements, but not in relation to their 2 billion barrels new discovery !

    😀 😉 😀 😉 😀 😉

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