OREANDA-NEWS. June 4, 2012. Repsol Sinopec Brasil estimates that Block BM-C-33, in the deepwater Campos Basin, contains resources of more than 700 million barrels of light oil and 3 trillion cubic feet (Tcf) of gas. The partners are working on an appraisal plan for the area, whose significant potential has become a reality.

Repsol Sinopec Brasil is the operator of the discovering consortium, holding 35%, partnered by Statoil (35%) and Petrobras (30%).

Block BM-C-33, off the coast of the State of Rio de Janeiro, is the site of the recent Seat, Gavea and Pao de Acucar discoveries. The latter is one of the world’s top five discoveries in 2012.

The total estimated resources of these three accumulations represent at least 700 million barrels of light oil and 3 Tcf of gas (equivalent to 545 million barrels of oil). The latest well, Pao de Acucar, was drilled in approximately 2,800 meters of water depth and 195 km from the coast of the State of Rio de Janeiro, and found a 500 meters-thick oil column.

Repsol Sinopec Brasil and its partners are preparing an appraisal plan to be submitted to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP). The Brazilian offshore is one of the areas with the highest hydrocarbon reserves growth in the world.

Repsol exploratory success

The exploratory activity carried out by Repsol in the last few years has resulted in worldwide top-five discoveries in five of the last six years.

As a result, Repsol’s Upstream reserve replacement ratio, the proportion of barrels found against barrels produced, was 131% in 2010 and 162% in 2011, an industry-leading performance.

Repsol has created an asset base whose development will allow the company to increase production over the coming years. As well as the significant finds in Brazil, Repsol is also developing projects in the United States, Venezuela, Peru and the North of Africa, amongst others.

Repsol in Brazil

Repsol Sinopec Brasil is one of the leading independent energy companies in Brazil. It is strategically placed in the areas with most potential of the Brazilian presalt plays, and it leads exploratory activity in the Santos, Campos and Espirito Santo basins, which are amongst the world’s highest reserve-growth areas.

The company has a significant and diversified portfolio of projects in Brazil, including a producing field (Albacora Leste), two fields under development (Piracuca and Spainhoa – previously known as Guara), a block under appraisal (BM-S-9: Carioca) and 12 explorations blocks of high potential of which Repsol Sinopec Brasil operates five.

Repsol Sinopec Brasil was created at the end of 2010 to develop exploration and production projects in the country. Repsol has 60% stake and Sinopec owns the remaining 40%.