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Brazil’s Petrobras, India’s ONGC find oil in offshore well
June 2, 2015, 5:10 am

File photo: An offshore oil rig of Petrobras, Brazil [Image: Petrobras]

File photo: An offshore oil rig of Petrobras, Brazil [Image: Petrobras]

Brazil’s state-run oil company Petrobras has found new deposits of light oil in the Poco Verde area, in northern Brazil in an area it shares with India’s ONGC.

“The reservoirs contain light oil of good market value and are 85 meters wide, with good porous and permeable conditions,” a Petrobras statement said.

Petrobras owns 75 per cent and its Indian partner Oil and Natural Gas Corp 25 per cent of the discovery.

The discovery was made in an extension well being used to evaluate the Poco Verde prospect in the BM-SEAL-4 block.

The well was drilled down to 5,350 meters in waters 2,479 meters deep, off the coast of Aracaju, the capital of Brazil’s Sergipe state.

The discovery is one of several in recent years in an area believed to hold more than 1 billion barrels of recoverable oil, enough to make the area the biggest discovery in Brazil since the 2007 announcement of giant offshore resources south of Rio de Janeiro.

The Sergipe discoveries include an adjacent block where Petrobras is in partnership with IBV Brasil SA, a joint venture between India’s Videocon Industries Ltd and Bharat Petroleum Corp. Petrobras owns 60 percent of that partnership and IBV 40 percent in that area.

Petrobras plans to begin producing oil from the Sergipe offshore area in 2018 with a 100,000-barrel-a-day floating production ship. A second ship with the same capacity is expected in 2020.

 

Source: Agencies