Petrobras and BG Group have announced that Brazil’s deepwater Guara field in the Santos Basin pre-salt contains 1.1 billion to 2 billion recoverable barrels of oil equivalent.
Petrobas completed tests at Guara's exploratory well in the pre-salt region and will now build a production platform.
Guara flowed at 7,200 barrels of oil equivalent per day (boepd) during its drill stem test.
Test data revealed that a permanent production well can initially generate 50,000boepd.
Petrobas, which is the operator of Guara, holds 45% interest in Guara, while BG and Repsol TPF SA hold a 30% and 25% interest.
The companies will develop the Guara field using a 120,000bpd floating production, storage and offloading ship, aiming for initial production from 2012 onwards.
In 2008, Petrobas made the discovery in Guara, which is in 2,141m-deep water and is part of the BM-S-9 region that also contains the Carioca and Iguacu fields.