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.”
Daniel Rice, former CEO of Rice Energy who now sits on the EQT board, addressed the elephant in the room earlier this month at Hart Energy’s Energy Capital Conference.
The nominations are a part of Toby and Derek Rice’s plan to take control of EQT and fully realize what they say was the promised potential of the company’s acquisition of Rice Energy.
Murphy Oil plans to use proceeds from its Malaysia exit to PTTEP for share buybacks as well as funding Eagle Ford Shale and U.S. Gulf of Mexico operations.