Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, said Friday the conclusion of drilling at a ninth well at Tupi confirmed that 5 billion to 8 billion barrels of light oil and natural gas are potentially recoverable from the site.
Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, said Friday the conclusion of drilling at a ninth well at Tupi confirmed that 5 billion to 8 billion barrels of light oil and natural gas are potentially recoverable from the site.

The new well drill at Tupi, in the presalt area of Brazil's Santos basin, has shown not only that Tupi's oil extends to the extreme south of the area being assessed, but that the area contains an oil reservoir 128 meters wide, Petrobras said in a statement.

The new finds reduce uncertainties over the estimated volume of hydrocarbons in the area, Petrobras said.

The drill was at the well number 3-BRSA-854-RJS, Petrobras said. This forms part of the BMS-11 field, which is operated by Petrobras, with 65% of the development rights, while BG Group holds 25% and Galp Energia 10%.

Tupi is due to start commercial oil production next week.

"In addition to the estimated large volume recoverable, Tupi's oil has a density of 28 degrees API, which give it excellent commercial value," Petrobras said in the statement.

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