Business NEWS
Repsol Makes New Brazil Santos Gas, Condensate Discovery
By Amarendra Bhushan for CEOWORLD Magazine Updated:May 11, 2009
Get CEOWORLD Magazine digital monthly version. special- Top Capital Cities for a business Traveler, # Interview with Minister of Tourism of Greece. 1 Issues Subscription= $1 Only, 10 Issues Subscription= $5 Only. Grab your copy now!!!!
Spanish oil firm Repsol SA (REP) said today that Preliminary tests at its recent Panoramix discovery in the Santos basin off Brazil has given flows of 378,600 cubic metres of gas and 1,570 barrels of oil per day.
The well lies in Block BM-S-48, 180 kilometres off the coast of Sao Paulo at a water depth of 170 metres.
Repsol said that the results of production tests signal a possible maximum flow of 850,000 cubic metres per day of gas and 3520 barrels per day of condensate.
The Spanish outfit is the largest foreign owner of exploration rights in the Santos, Campos and Espirito Santo basins, participating in 24 blocks of which it operates 11.
Repsol operates Block BM-S-48 with a 40% stake on behalf of partners Petrobras (35%), Vale (12.5%) and Woodside (12.5%), while Brazilian state-run oil firm Petroleo Brasileiro SA (PBR) holds 35% and mining giant Companhia Vale do Rio Doce SA (VALE) and Woodside Petroleum Ltd. (WPL.AU) each hold 12.5%.
Panoramix is Repsol’s third hydrocarbons discovery in Brazil this year, confirming the potential of the area and its strategic importance for the company.
Repsol is the operator of the exploration consortium with a 40% stake. Partners include Petrobras (35%), Vale (12.5%) and Woodside (12.5%).
The well, known as Panoramix, is in block BM-S-48, located 180 kilometres from the coast of Sao Paulo in water 170 metres deep in the Santos Basin. The production tests showed a maximum gas flow of 378,600 cubic metres/day and 1,570 bpd of condensate in sands at a depth of between 4,410 and 4,480 metres. The results of these tests indicate a possible maximum flow of 850,000 cubic metres/day of gas and 3,520 bbl/d of condensate.
The rights to Block BM-S-48 were obtained in the seventh licensing round carried out by Brazil’s National Oil Agency (ANP) in 2005.
In April of this year, Repsol confirmed to the Brazilian authorities the economic viability of its Piracuca discovery, made in January in shallow waters of the Santos Basin, in Block BM-S-7. At the same time, the company confirmed a discovery in the Iguazú well in deep water of the Santos Basin, in Block BM-S-9.
The development of the Santos Basin in Brazil is one of the ten key projects included in Repsol’s 2008-2012 Strategic Plan. The area’s great exploratory potential has made it one of the company’s main growth areas.
Repsol is the largest foreign owner of exploration rights in the Santos, Campos and Espírito Santo basins, participating in 24 blocks of which it operates eleven. Repsol is, together with Petrobras, leading the way in exploring the Santos Basin, where 19 of these blocks are located.
Like this article! |
|
|
|
|
(No Ratings Yet)
Loading ...17713 views
Comments
Grab a copy of CEOWORLD Magazine for $1 only!!!
