Petrobras said the company has made its first commercial oil discovery in the Marlim Sul Field’s presalt area in the Campos Basin.
Located about 115 km (71 miles) offshore Brazil’s Rio de Janiero state, the Poraquê Alto well was drilled to a final depth of 4,568 m (14,987 ft) with a water depth of 1,107 m (3,632 ft), Petrobras said in a news release.
“The discovery was confirmed by profile data, gas detector, formation testing by cable and fluid samples,” the release said. “Analysis of current data indicates carbonate reservoirs of good porosity and permeability features at 4,420 m [14,501 ft] depth and 45 m [148 ft] thick with oil presence.”
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Fortuna Resources CEO says company is doing just fine getting oil out.
The drilling campaign is estimated to cost about US$1.2 billion.