Statoil has made new oil discoveries with two sidetracks drilled on its Peregrino South structure in Brazil’s pre-salt play.

Recoverable volumes of 150 million to 300 million barrels of oil equivalent were found in the structure.

The sidetracks were drilled by Blackford Dolphin into the initial wildcat at a depth of 122m, targeting the pre-salt reservoirs near the Peregrino field.

Statoil is drilling the southern portion of Peregrino to penetrate deeper horizons and explore the additional upside potential of the heavy oilfield, which is expected to have up to 600 million barrels of recoverable reserves.

The company will start a second phase of development to the south of the 13° API oilfield using a second FPSO in 2015.