"In 2008, nearly all of the test wells drilled in the region showed signs of oil or natural gas, resulting in the announcement of such finds as Bem-te-vi, Caramba, Carioca and Guara"
Brazil Petrobras Resumed Drilling In Santos Basin BM-S-9 Block
January 29, 2009: 02:51 PM ET
RIO DE JANEIRO -(Dow Jones)- Brazilian state-run energy giant Petroleo Brasileiro (PBR) resumed drilling Wednesday in a key subsalt exploration block in the promising Santos Basin, according to the country's National Petroleum Agency.
The Ocean Clipper rig started drilling in the Santos Basin's BM-S-9 block, ANP data showed. Two previous pioneer wells in the BM-S-9 block yielded the promising Guara and Carioca discoveries.
The drill rig will target a total depth of 5,592 meters, operating at a water depth of 2,140 meters, ANP data showed.
Petrobras is lead operator of the block with a 45% stake. BG Group (BG.LN) has a 30% interest in the block, while Spain's Repsol YPF (REP) holds a 25% share.
The BM-S-9 block is part of a group of four blocks that many industry experts and government officials believe contains a massive geological structure that could hold more than 30 billion barrels of oil - and possibly much more. The structure crosses the BM-S-8, BM-S-9, BM-S-21 and BM-S-22.
In 2008, nearly all of the test wells drilled in the region showed signs of oil or natural gas, resulting in the announcement of such finds as Bem-te-vi, Caramba, Carioca and Guara.
The last block in the area to be tested, BM-S-22, also showed promising signs. Last week, ExxonMobil (XOM) notified the ANP that a test well, dubbed Azulao, showed traces of oil. ExxonMobil started the drilling program in October.
Separately, drilling also started at the BM-BAR-3 offshore block in the Barreirinhas Basin. U.S. independent Devon Energy (DVN) has contracted the Deep Water Discovery rig to start drilling. The rig will target a depth of 4,825 meters in water 2,335 meters deep.
Devon holds a 100% stake in the exploration block.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; [email protected]
(END) Dow Jones Newswires
01-29-09 1451ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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