• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 3 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 18 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 7 hours Saudi Arabia turns to solar
  • 4 hours Why is permian oil "locked in" when refineries abound?
  • 11 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Could Venezuela become a net oil importer?
  • 7 hours Teapots Cut U.S. Oil Shipments
  • 6 hours Oil prices going down
  • 7 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 23 hours Sell out now or hold on?
  • 23 hours Could oil demand collapse rapidly? Yup, sure could.
  • 24 hours Gazprom Exports to EU Hit Record
  • 22 hours "The Gasoline Car Is a Car With a Future"
  • 8 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 17 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela’s economic, social and political…

Petrobras Discovers Major Well At Promising Offshore Oil Field

Offshore Oil Rig

Petrobras claimed on Wednesday to have discovered its largest find at its Libra field located off Brazil’s southeast coast.

According to the state-run oil producer, the newest well (informally known as NW2) has a thickness of 410 meters, which surpasses the previous find of a 301-meter column last March.

The site could pay major dividends for Petrobras, as it’s said to contain medium oil of 27 degree API quality in highly productive reservoirs.

The NW2 well received the designation of 3-BRSA-1339A-RJS (3-RJS-742A) and is located in the northwestern section of the Libra field. It’s also situated some 10.3 kilometers to the south of the 2-ANP-2A-RJS discovery well.

The NW2 site is the seventh well drilled at Libra though an eighth drill near NW2 is currently being drilled.

The Libra block is situated in the pre-salt Santos basin some 180 kilometers away from Rio de Janeiro. It was acquired from the Brazilian government by a consortium in October 2013 after having been the lone bidder in the final auction.

Federal energy regulators ANP believe Libra contains between 8 billion barrels to 12 billion barrels of oil, and could generate $1 trillion in public revenues over a thirty-year span.

Petrobras is the main stakeholder in Libra with 40 percent control of the site, followed by Netherlands-based Shell (20 percent), France’s Total (20 percent), the China National Petroleum Corporation (10 percent), and the China National Offshore Oil Corporation (10 percent). Pré-Sal Petróleo S.A., a Brazilian public firm linked to the Ministry of Mines and Energy, manages the production-sharing agreement.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Philip Branton on June 20 2016 said:
    Hmm.......now think what is off the east coast of North America...

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News