June 4, 2009 / 10:49 PM / 10 years ago

Petrobras confirms potential Tupi oil reserves

SAO PAULO, June 4 (Reuters) - Brazil’s state-run oil company Petrobras (PETR4.SA)(PBR.N) said on Thursday a third well in the Tupi area has confirmed estimates of a potential of between 5 billion and 8 billion barrels of recoverable light oil and natural gas in the field, in the subsalt cluster.

“The third well, 4-BRSA-711-RJS, indicated similar oil type and quality reservoirs, supporting the original estimations for the area,” Petrobras said in a statement.

The third well, known as Iracema, is 33 km (20.5 miles) to the northeast of Tupi’s first well, 1-RJS-628. It is located about 250 km (155 miles) off the cost of Rio de Janeiro state at a water depth of 2,210 meters (7,250 feet).

The consortium responsible for the exploration of the BM-S-11 block is composed of Petrobras with 65 percent, BG Group BG.L with 25 percent, and Galp (GALP.LS) with a 10 percent stake.

The estimated reserves make Tupi, whose discovery was announced in November of 2007, one of the world’s largest oil discoveries in the last 20 years. (Reporting by Inae Riveras; Editing by Christian Wiessner)

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