Petrobras declares Iara pre-salt commerciality

Tuesday, December 30, 2014

A consortium led by Brazil's federal energy major Petrobras has declared commerciality at three oil and gas discoveries in the ultra-deepwater Iara area.

In a submission to hydrocarbons regulator ANP, the group requested the new fields be called Berbigão, Sururu and Atapú West, stakeholder BG said in a statement.

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Tuesday's announcement follows a six-year appraisal program, which included 3D seismic data acquisition, the drilling of seven wells and an extended well test.

About 250km off the coast of Rio de Janeiro, Iara lies in water depths of over 2,000m. It is located in the Santos basin's BM-S-11 block, in the so-called pre-salt layer.

Petrobras holds a 65% operating stake in BM-S-11 alongside the UK's BG Group (25%) and Portugal's Galp Energia (10%).

The consortium said it is yet to sign unitization agreements needed to develop parts of the fields, which encroach on Petrobras' Rights Transfer area.

According to BG, the group could seek an extension to a 180-day deadline to submit a development plan to ANP.

"Because of the need for unitization agreements to be negotiated, ANP may amend this deadline and allow submission of a unitized area development plan when the unitization agreement is signed," the London-based firm said.