Brazil’s state-controlled oil producer Petroleo Brasileiro SA confirmed the presence of high quality oil on Dec. 22 after drilling a new well at Buzios, the country’s second-most productive field.
In a filing on Dec. 22, Petrobras, as the company is known, said the results of deepwater well 9-BUZ-48D-RJS confirm even greater potential for Buzios, which currently produces more than 600,000 barrels of oil per day.
Buzios is located 188 km off Rio de Janeiro’s coast. The field is operated by Petrobras (90%) in a partnership with Chinese producers CNOOC (5%) and CNPC (5%).
The disappointment at Hassa-1 comes after Exxon said in November its crude discovery at the Tanager-1 well in the Kaieteur block was not financially viable on its own.
In a separate statement, TNOG owner Heirs Holdings said it had taken a 45% stake in the field, acquiring the stakes of Shell, Total and Eni.
The oil and gas rig count rose 13 to 373 in the week to Jan. 15, its highest since May, according to Baker Hughes Co.