Petrobras estimates Tupi area holds 5-8 bn boe

Nov 08, 2007 01:00 AM

Brazil's federal energy company Petrobras estimates its Tupi area in the offshore Santos basin holds 5-8 bn boe of recoverable light oil and natural gas, the company said.
The 5-8 bn boe estimate is based on analysis of the formation tests for the second well (1-RJS-646) in the Tupi area in Santos block BM-S-11. The oil is 28 degrees API.

Petrobras operates the area with a 65 % stake. Partners in the project are UK major BG Group with 25 % and Portuguese oil company Petrogal-Galp Energia with 10 %.
"With this discovery, Brazil will sharply reduce its light oil and diesel imports," company downstream director Paulo Roberto Costa said during a press conference in Rio de Janeiro.

As a result, the government has withdrawn 41 blocks near Tupi from the November 27-28 hydrocarbons licensing round, government chief-of-staff Dilma Rousseff told. The 41 blocks are in ultra-deep waters from Santa Catarina to Espirito Santo states in Brazil's south and southeast regions.
"The government will evaluate the best way to safeguard Brazil's interests. We'll make sure we preserve Brazil's riches," Rousseff said.

Pre-salt studies
Petrobras also has wrapped up its regional analysis of the potential of the pre-salt areas in Brazil's south and southeast basins where Tupi is located. The pre-salt formation is more than 800 km long and up to 200 km wide in ultra-deep waters. The wells in the Espirito Santo, Campos and Santos basins have demonstrated "high productivity" for light oil and natural gas, Petrobras said.
"Once confirmed, the estimated volumes of recoverable oil and from the pre-salt rocks would significantly increase Brazil's oil reserves, placing it among a select group of countries with substantial oil and natural gas reserves," it said.

Tupi a milestone
The Tupi discovery is the country's largest oil accumulation area, according to Rousseff.
"Brazil is now promoted to the world's first division in oil," she said.
"Tupi is a significant exploratory provinceand there is evidence this oil can be found from the coast of Santa Catarina to offshore Espirito Santo state," Petrobras president José Sergio Gabrielli said.

E&P investment requirements for the area are not yet available, Petrobras E&P director Guilherme Estrella said.
"There's no forecast of how much we will invest to explore Tupi since we haven't held production tests in the region yet. There are no technological barriers to exploring Tupi, it's all about costs. In fact, technology could make E&P prices go down," Estrella said. The blocks included in Tupi were auctioned in the second hydrocarbons round in 2000.
"Twenty-five % of the area where the pre-salt layer is found was auctioned by [hydrocarbons regulator] ANP. And Petrobras holds something like 70-75 % of this area's concessions, alone or in partnerships," Estrella said.

Round nine
ANP will now auction 271 blocks in this month's round nine, down from the 312 originally expected. Two blocks left out of the round are in Espirito Santo, 13 are in Campos and 26 in Santos.
"We do not expect any legal problems in withdrawing these blocks," said acting mines and energy minister Nelson Hubner.

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