The first extension well in the Libra area, known as 3-BRSA-1255-RJS (3-RJS-731), has proven the discovery of high-quality oil in the northwest portion of the structure, the Libra consortium said in a news release.
The well, informally known as NW1, is located in the presalt Santos Basin, at about 170 km (106 miles) off the coast of the state of Rio de Janeiro and about 4 km (2 miles) southeast of the discovery well, 2-ANP-2A-RJS.
The oil-bearing interval was observed by means of fluid profiles and samples, which will subsequently be characterized through laboratory analysis. The well is still being drilled, currently at a depth of 5,326 m (17,474 ft), and drilling will continue until 5,850 m (19,193 ft), according to the release.
The consortium will continue with the operations to complete the well drilling plan until the planned depth is hit, to verify the extension of the new discovery, and to characterize the conditions of the reservoirs found.
The Libra consortium is composed of Petrobras, operator with a 40% stake; Shell, 20%; Total, 20%; CNPC, 10% and CNOOC Ltda., 10%. The contract manager is Pré-Sal Petróleo S.A. (PPSA). Libra was the first area auctioned by Brazil’s National Oil, Natural Gas and Biofuels Agency (ANP) under the production-sharing regime.
Recommended Reading
Matador Resources Credit Facility Upped by 30% to $3.25B
2024-12-04 - Matador Resources’ 19 lenders unanimously approved a 30% increase to the E&Ps borrowing base to $3.25 billion.
EON Enters Funding Arrangement for Permian Well Completions
2024-12-02 - EON Resources, formerly HNR Acquisition, is securing funds to develop 45 wells on its 13,700 leasehold acres in Eddy County, New Mexico.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.
Oxy’s Hollub Drills Down on CrownRock Deal, More M&A, Net-zero Oil
2024-11-01 - Vicki Hollub is leading Occidental Petroleum through the M&A wave while pioneering oil and gas in EOR and DAC towards the goal of net-zero oil.