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BRASILIA, Brazil, Nov. 19 (UPI) -- Performance of test wells in the offshore Tupi area in the Santos Basin of Brazil were the highest achieved so far, said project operators.
BG Group and its partners at Brazil's Petrobras, the operator, and Portugal's Galp, completed two drill stem tests on the Iracema well in an offshore appraisal area.
The Iracema development was drilled to a depth of 16,400 feet in 7,250 feet of water. It is located approximately 150 miles off the coast of Rio de Janeiro.
BG Group said production from the drill stems yielded a total of 10,500 barrels of "excellent quality" light crude oil and 17 million standard cubic feet of gas.
The company said the performance was its highest achieved so far in the Santos Basin. It anticipates flow rates to reach an eventual rate of 50,000 barrels of oil equivalent per day.
Corporate executives said offshore Brazil is one of the most lucrative resource areas in the world, describing the area as "prolific."
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