Repsol announces a new discovery in the Santos Basin in Brazilian waters. The Iguazú well is located in the BM-S-9 block, 340 kilometres off the coast of São Paulo state at a depth of 2,140 metres. It is in the same evaluation area as the Carioca and Guará fields.
The discovery consortium, formed by the operator Petrobrás with 45%, BG Group with 30% and Repsol with 25%, will continue with the Evaluation Plan of the area and anticipate a new drilling in few next days. First tests in the Iguazú well indicate high quality light crude at a depth of around 4,900 metres.
At the beginning of this week, Repsol confirmed the presence of commercially viable reserves in a statement filed with the Brazilian authorities on the Piracucá discovery, made last January in the BM-S7 block in the shallow waters of the Santos Basin.
The development of the Santos Basin in deep waters off 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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