Brazilian federal energy company Petrobras' (NYSE: PBR) Parque das Baleias pre-salt discovery in the Campos basin holds an estimated 1.5B-2Bb of recoverable oil and gas, the company said in a statement.
Petrobras' discovery is significant given that the company's proved reserves are 12.6Bboe, according to a report from brokerage Ativa. In addition, the find is near existing infrastructure and logistics, meaning exploration costs will be lower.
Petrobras completed drilling in two new wells - 6-BFR-1-ESS and 6-BAZ-1DB-ESS - and hit 30-degree API oil roughly 80km off the coast of Espírito Santo state, Petrobras said.
The Parque das Baleias field is in an area formerly known as BC-60. Petrobras has a 100% stake in the field.
Petrobras discovered the reservoir under a layer of up to 700m of salt and at depths of 1,348-1,426m from the water line. Petrobras reached a final depth of 4,800m in an area underneath the Baleia Franca, Baleia Azul and Jubarte heavy oilfields.
Petrobras so far has drilled six wells in the Espírito Santo pre-salt layer with a 100% success rate. Petrobras already produces 18,000b/d from Jubarte's pre-salt pioneer 1-ESS-103A well.
With the new discoveries, the total estimated volume of oil in the Parque das Baleias area, including reservoirs above and below the salt layer, is 3.5Bboe, according to Petrobras.
As a result of its latest success, Petrobras plans to accelerate pre-salt production in the region.
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