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Petrobras strikes oil accumulation in Campos Basin


Petrobras is the largest Latin American oil and gas integrated company. It is involved in the exploration, production, refining, retailing and transportation of petroleum and its byproducts, both domestically and internationally. The company, headquartered in Rio de Janeiro,dominates Brazil’s oil and gas sector. It produces most of Brazil’s crude oil and natural gas and accounts for almost the entire refining capacity of the country.

Brazilian state-run integrated energy company Petroleo Brasileiro S.A. or Petrobras (PBR – Free Report) recently discovered oil accumulated in the pre-salt layer of Campos Basin in the Marlim Sul field area offshore Brazil.

This is the company’s first commercial oil find in Marlim Sul’s pre-salt layer. At a depth of 4,568 meters, Petrobras hit a new accumulation while drilling a well commonly known as Poraque Alto, located 115 kilometers east of the state of Rio de Janeiro.

The company verified the finding with the help of profile data, gas detector, formation testing by cable, and fluid samples. Per Petrobras’ analysis, there is presence of good porosity and permeability features in the carbonate reservoirs along with oil at a depth of 4,420 meters. The company expects the oil reservoir to be 45 meters thick.

We would like investors to know that in the last few years, the company’s production from the Campos Basin decreased consistently. Hence, the discovery will help Petrobras to increase the production level again in the region. The company expects more discoveries in the matured basin, aided by the production infrastructure that the company has already deployed.

The latest discovery will help Petrobras with its strategy of opening new exploratory frontiers and intensifying pre-salt development. The will commence from 2020. The company continues to focus on the pre-salt layer due to its lower lifting cost of less than $7 per barrel.

Petrobras has lost 22.3% of its value in the last six months compared with 13.3% loss of its industry.