São Paulo – The Brazilian state-owned oil company Petrobras announced today (10th) that another "relevant discovery of light oil" has been proven in bloc BM-S-11, in the Santos Basin, off the southeastern Brazilian coastline. According to the company, drilling was concluded at well 1-BRSA618-RJS, baptised as Iara, and the estimated volume of recoverable light oil (of density ranging from 26º to 30º API) and natural gas ranges from 3 billion to 4 billion barrels.
For the sake of illustration, the Tupi reserve, located in the same region and regarded as one of the most important discoveries in recent years, contains an estimated volume of 5 billion to 8 billion barrels. Existence of oil in the pre-salt layer at Iara had already been disclosed in August. However, as drilling progressed, according to a release issued by the company, "the quality and pore-thickness of oil reservoirs proved better than initially expected."
The area, explored by a consortium formed by Petrobras, the BG Group and Galp Energia, is part of the same bloc that houses the Tupi field. The Iara well is located further to the north, approximately 230 kilometres off the coast of Rio de Janeiro, under a water depth of 2,230 metres and a final depth of 6,080 metres.
*Translated by Gabriel Pomerancblum
