Repsol announces the commercial viability of the Piracuca field in Brazil
Repsol and Petrobras have confirmed to the Brazilian authorities the commercial viability of a discovery made in January in the Piracuca well, in the BM-S-7 block of Brazil’s Santos Basin.
The Piracuca well holds significant amounts of hydrocarbons, Petrobras, the operating company, estimates preliminary in place volumes of light oil and natural gas of 550 million barrels of oil equivalent.
The BM-S-7 block is located 218 kilometres off the southern Brazilian state of Sao Paulo, at a depth of 3,967 metres in water 240 metres deep in the Santos Basin.
Repsol, which holds 37% in the site, and Petrobras, the project’s operator with 63% of the block, announced the presence of commercially viable reserves in a statement filed with the Brazilian authorities.
In January the company had made another oil find in the Santos Basin, in the well called Panoramix (S-M-674), in the BM-S-48 area 180 kilometres from the coast of Sao Paolo in water 170 metres deep. This well is currently under evaluation.
The development of the Santos Basin offshore Brazil is one of the ten key projects included in Repsol’s 2008-2012 Strategic Plan. Offshore Brazil, an area that has great exploratory potential, has become one of the company’s main growth vectors.
Repsol is the second largest-largest owner of exploration rights after Petrobras in the Santos, Campos and Espirito Santo basins, participating in 24 blocks of which it operates eleven. Repsol is together with Petrobras leading the way in exploring the Santos Basin, where 19 of these 24 blocks are located.
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