Petrobras claims two fields commercial

• Tweet

RIO DE JANEIRO, Jan. 4 (UPI) -- Brazilian company Petrobras announced a declaration of commerciality for two offshore reserves said to contain at least 300 million barrels of oil equivalent.

Petroleo Brasileiro, known also as Petrobras, notified Barzil's National Petroleum, Natural Gas and Biofuels Agency of the commerciality of oil and natural gas reserves off the coast of Rio de Janeiro state.

Petrobras said it was renaming the Aruana accumulation the Tartaruga Verde field, said to contain 230 million barrels of oil equivalent. The Oliva area, said to contain 121 million boe, is renamed Tartaruga Mestica.

Both areas are in the deep waters of the Campos Basin and contain good quality, medium gravity crude oil. An assessment plan outlines a total of five wells in the fields.

"The declarations of commerciality of these new fields were made more than six months ahead of schedule," the energy company said in a statement. "This makes it possible to start the definitive production of these areas by 2017."

Petrobras owns the entire stake in the offshore fields.