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Brazil’s Petrobras Strikes Light Oil Deep in the Santos Basin

Petrobras, the Brazilian oil giant, announced yesterday, July 11, the discovery of light oil in the Santos Basin, at 2,140 meters deep, from a well still in perforation.

The company considers the preliminary results to be "very important", as it is an area of "new frontier", but considers that additional investments are necessary for the evaluation of the volume and productivity of these reserves.

The well is about 250 kilometers away from the southern coast of the city of Rio de Janeiro (Southeast Brazil) and 280 kilometers away from the refinery Duque de Caxias.

In the evaluation made by the state-owned company, the discovery represents "a historic landmark", as it is the first to surpass a layer of salt of more than 2,000 meters.

In recent interviews, the directors at Petrobras have already admitted the possibility of the existence of high potential basins located below the layer of salt – which could mean a significant expansion in the country’s exploitations activities.

The discovery was communicated to the National Petroleum, Natural Gas and Bio-fuels Agency (ANP). The light oil in the Santos Basin has better quality and commercial value in the international market, currently representing about 10% of the company’s total production.

The company recently announced their disposition to increase the volume of investments in search for this kind of oil, which is mixed to heavy petroleum that exists principally in the Campos Basin, in the refining process.



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