Petrobras Confirms Tupi Potential – Analyst Blog
Source: http://www.zacks.com/stock/news/20802/Petrobras+Confirms+Tupi+Potential+-+Analyst+BlogPosted on Friday, June 5th, 2009 | In Market Commentary, Stocks to Watch
Yesterday Petrobras (PBR) announced that the drilling of an additional well in the Tupi area has further confirmed estimates of a potential of 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt layers in the Santos area.
This third well, called Iracema, is located 33 km to the Northeast of Tupi first well and indicated similar oil type and quality reservoirs, supporting the original estimations for the area. The discovery was proved from light oil samples (about 30 API) through cable testing in reservoirs located at a depth of about 5,000 meters. The Iracema well is explored by the Consortium composed by Petrobras (65% – Operator), BG Group (25%) and Galp (10%).
The confirmation of the potential of the Tupi field is positive news, even though the great potential of this area is already well known. In fact, the Tupi area is one of the most promising oil fields in the world today. New findings are expected for the following months, thus we are keeping our positive outlook on Petrobras.
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