4D FIXED INSTALLATION SEISMIC
viability of a discovery made in January in the Piracuca well, in the BM-S-7 block of Brazil’s Santos Basin. Te Piracuca well holds significant amounts of
hydrocarbons, Petrobras, the operating company, estimates preliminary in place volumes of light oil and natural gas of 550 million barrels of oil equivalent (BOE). Te BM-S-7 block is located 218 km off the southern
Brazilian state of Sao Paulo, at a depth of 3967 metres in water 240 metres deep in the Santos Basin. Repsol, which holds 37 per cent in the site, and
Petrobras, the project’s operator with 63 per cent of the block, announced the presence of commercially viable reserves in a statement filed with the Brazilian authorities. In January the company had made another oil find
in the Santos Basin, in the well called Panoramix (S-M-674), in the BM-S-48 area 180 km from the coast of Sao Paolo in water 170 metres deep. Tis well is currently under evaluation. Te development of the Santos Basin offshore Brazil is one of the ten key projects included in Repsol’s 2008-2012 strategic plan. Offshore Brazil, an area that has great exploratory potential, has become one of the company’s main growth vectors. Repsol is the second largest-largest owner of exploration rights after Petrobras in the Santos, Campos and Espirito Santo basins, participating in 24 blocks of which it operates eleven. Repsol is together with Petrobras leading the way in exploring the Santos Basin, where 19 of these 24 blocks are located. In another sign of interest in Brazilian oil fields,
Statoil has agreed to sell 40 per cent of the Peregrino field to Sinochem Group for US$3.07b in cash. Statoil maintains 60 per cent ownership and the operatorship of the field.
“Te transaction confirms the high quality of the
Peregrino asset, reflecting Statoil’s value added through the field development. Te transaction demonstrates Statoil’s ability to leverage its industrial competence developed at the Norwegian Continental Shelf, and realise value for our shareholders. Te divestment is a natural step in our continuous effort to optimise our portfolio”, says Helge Lund, ceo of Statoil. “We are pleased with the transaction and look
forward to partner with Sinochem Group in the further development and operations of the large Peregrino field. Both companies see many opportunities for value creation through increased recovery and exploration for additional resources in the decades to come. I am pleased that we also have agreed to sign a memorandum of understanding to jointly investigate further opportunities in Brazil and elsewhere”, says Lund. Te transaction is subject to government approvals
in Brazil and China. Te consideration is based on an effective date of 1 January 2010 and subject to
customary adjustments. Te divestment of a 40 per cent share of Peregrino will reduce Statoil’s equity production guiding for 2012 by 40 000 BOE/ day to a range of 2 060 000 – 2 160 000 BOE/day. Brazil will continue to form a key part of Statoil’s international strategy. Te company remains committed to complete the Peregrino development as planned, operate the field efficiently, and to explore further growth opportunities in the region. Te Peregrino field is located 85 km offshore Brazil in the Campos basin at about 100 metres of water depth in BMC-7 and BMC-47. Te first phase of the development includes two drilling- and wellhead platforms and a ship-shaped floating production, storage and offload unit (FPSO). Te field was discovered in 1994. Statoil (then Norsk Hydro) acquired 50 per cent in the discovery in 2005, and the remaining 50 per cent and its operatorship in 2008.
Fig. 1. The Baker Hughes Quantec Force PDC bit incorporates several design features to improve durability and ROP.
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