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December 24, 2020

Petrobas finds ‘excellent quality’ oil in new Búzios well, offshore Brazil

Petrobras has found oil of ‘excellent’ quality with the drilling of well 9-BUZ-48D-RJS, which is located in the northwest of Búzios field in the Santos Basin, offshore Brazil.

By Shalini Nair

Petrobras has found oil of ‘excellent’ quality with the drilling of well 9-BUZ-48D-RJS, which is located in the northwest of Búzios field in the Santos Basin, offshore Brazil.

The well, which is located 188km from the city of Rio de Janeiro, was drilled at a water depth of 1,850m.

Tests conducted from 5,540m depth confirmed the existence of oil reservoir of ‘excellent quality’.

Petrobas stated that the discovery reinforces the potential of the pre-salt in Búzios field.

Petrobras is the operator of the Búzios field consortium with 90% stake, while CNOOC and CNODC each hold 5% stakes.

Development of Buzios formed a key aspect in the firm’s 2021-25 investment plan.

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Santos is the largest offshore sedimentary basin in Brazil, ranging for a total area of over 350,000km2.

Meanwhile, Petrobras signed an agreement with Petrorecôncavo for the transfer of all of its participation in 12 onshore exploration and production fields, called Polo Remanso, located in the state of Bahia.

The sale value is $30m, of which $4 million will be paid now and $21m at the closing of the transaction and $5m one year after closing.

Polo Remanso consists of the land fields of Canabrava, Cassarongongo, Brejinho, Gomo, Fazenda Belém, Mata de São João, Remanso, Norte Fazenda Caruaçu, Rio dos Eggs, Rio Subaúma, São Pedro and Sesmaria, all located in the state of Bahia.

Petrobras is the operator with 100% participation in these concessions.

The average production of Polo Remanso from January to November 2020 was approximately 3,900 barrels of oil per day (bpd) and 75,000 m³ / day of natural gas.

In a separate development in the Brazilian offshore oil segment,  SBM Offshore secured a lease extension of five years with Shell for the FPSO Espirito Santo.

This FPSO will operate at the BC-10 field in the Campos basin, offshore Brazil.

Following the extension, the lease and operate period, which was set to end in December 2023, will now run until December 2028.

SBM Offshore has a 51% equity stake in the associated lease and operating companies. The remaining 49% stake is held by MISC Berhad.

ExxonMobil affiliate Esso Exploration and Production Guyana has also initiated talks with SBM on potentially extending the lease and operate durations for FPSOs on the Stabroek block, off Guyana.

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