Exploiting the 'new North Sea'

Advance: Petrobras exploration and production director Jose Miranda Formigli

When Petrobras found light oil beneath the Santos basin salt canopy seven years ago, there was initial scepticism about the true quality of these discoveries and the feasibility of extracting the deepburied oil in such challenging conditions.

The Santos basin pre-salt fields are located 300 kilometres offshore, in waters of about 2300 metres and at depths of between 5000 and 7000 metres.

The logistical and field development challenges are still formidable but, with a handful of ultradeepwater rigs and a little help from one or two international oil companies, Petrobras has virtually proven that the Brazilian pre-salt harbours at least 30 billion barrels of recoverable crude, and has the potential to yield much more.

As the rig fleet grows and drilling steps up, conservative estimates now point to between 30…

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