facebook
twitter
search
search

BP optimistic about offshore Brazil

March 26, 2013 at 6:06 AM

BRASILIA, Brazil, March 26 (UPI) -- British energy company BP expects its latest oil discovery off the coast of Brazil has commercial prospects, regional Vice President Neil Piggott said.

BP said it achieved a flow rate of 5,600 barrels of oil per day and sustained that for 32 hours during a test of its Itaipu-1A discovery offshore Brazil.

"This is a good result for the Itaipu project, indicating that commercially viable flow rates can be achieved from this pre-salt carbonate reservoir," Piggott said in a statement.

The Itaipu well is in the deep-water Campos Basin, a lucrative oil reserve beneath a thick layer of salt about 75 miles off the Brazilian coast.

Brazil ranks second behind Venezuela in terms of proven oil reserves in South America. An estimated 50 billion barrels of oil lies off Brazil's coast, a volume that's expected to put the Latin American country on par with some of the world's top oil producers.

BP said it expects to conduct more work in the prospect area this year.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Shoot-from-the-hip, around corner sighting capability unveiled
Airbus Helicopters announces factory acceptance of training aircraft
Bleak outlook for oil has Russian investors pulling back
ESPN cuts ties with Cowherd over remarks about Dominican players
Britain extends Lockheed Martin military inventory contract