08-08-08 Brazil's federal energy company Petrobras and partners have hit 30-degree API oil in the Santos basin's BM-S-11 pre-salt block.
"The discovery was proved by a light oil sampling collected via a cable test carried out in reservoirs at a depth of 5,600 m," the company said.

The new discovery well 1-BRSA-618-RJS, dubbed Iara, is roughly 230 km off the coast of Rio de Janeiro and 2,230 m from the water line. Iara is a new discovery and is the third well to encounter hydrocarbons within the BM-S-11 concession area in which BG Group holds a 25 % interest together with operator Petrobras (65 %) and Galp Energia (10 %).
"The well is still being drilled in search of deeper prospects," according to Petrobras.

BG Group announced that it had encountered hydrocarbons in the first well, Tupi, on 4 October 2006 and the second well, Tupi Sul, on 21 September 2007:
-- 4 October 2006: BG Group announces discovery in Santos Basin offshore Brazil;
-- 21 September 2007: BG Group confirms fourth consecutive well success in Santos Basin offshore Brazil.
Petrobras in January said that a gas and oil discovery known as Jupiter, in the Santos Basin's BM-S-24 block, could be as big as Tupi. Petrobras owns 80 % of Jupiter and operates the well. Galp has 20 % of Jupiter.

BG Chief Executive Office Frank Chapman described Iara as a "material discovery".
The well "is the sixth consecutive drilling success in the deep water pre-salt Santos Basin since BG and its partners began their drilling program in 2005,'' Reading, England-based BG said.
Some oil industry analysts, including David Thomas from Citigroup Global Markets, have said that Tupi, Tupi Sul and Iara may be linked as part of a larger offshore deposit.

The Iara discovery is the sixth consecutive drilling success in the deep water pre-salt Santos Basin since BG Group and its partners began their drilling programme in 2005. BG Group has been present in offshore Brazil since 2000 and has interests in seven concessions in the Santos Basincovering a total area of approximately 7,450 sq km.
BG Group Chief Executive Frank Chapman said: "We are delighted to report another material discovery with Iara. The exceptional sequence and scale of our drilling success in this area reflects the world class status of the pre-salt Santos Basin, to which BG Group has substantial exposure through our extensive licence interests."

On completion of the well, the partners will further define the dimensions and characteristics of the reservoir through the submission of an Evaluation Plan to the National Petroleum Agency (ANP).