Snapshot: Petrobras, Great Oil report exploration success

Friday, September 1, 2017

Brazil reported two oil discoveries in August, taking the total number of hydrocarbon finds in the country to 14 this year.

A group led by state-run company Petrobras encountered oil at the offshore Libra field while Great Oil Perforações found crude on its onshore REC-T-107 block, according to information from sector regulator ANP.

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In the first eight months of last year operators reported 19 discoveries.

The Libra find was made during drilling of the 3BRSA1345RJS well at a depth of 2,087m.

It was the 17th discovery at the field since the consortium spud its first well in August 2014, according to BNamericas research.

Petrobras holds a 40% operating stake in Libra alongside Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%).

Trapped under a 2km-thick salt layer in the Santos basin, Libra is one of the world's largest offshore oil and gas accumulations with estimated reserves of 8-12Bboe. The consortium is expected to start a production pilot at the field this month.

Great Oil Perforações (GOP) identified oil at the onshore REC-T-107 block, the junior operator's third find of the year.

The discovery was made in the Recôncavo basin at well 1GOP1ABA (GOP designation 1-UR-02A-BA) under contract REC-T-107_R11.

Companies are obliged to report any hydrocarbons discovery within 72 hours. The finds do not necessarily constitute a commercial accumulation.

Meanwhile Brazil currently has 17 active exploration wells, down from 20 at the end of July, according to ANP data.

Rio de Janeiro is the state with the highest number of prospects being drilled (six), followed by Sergipe (three), Espírito Santo (three), Bahia (two), Maranhão (two) and Rio Grande do Norte (one).