Repsol Sinopec’s Campos Basin in Brazil one of largest findings in 2012

MADRID | Repsol Sinopec Brasil reported it 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 of gas. Partner companies are now working on an appraisal plan for the area. Repsol Sinopec Brasil is the operator of the discovering consortium, holding 35%, also joined 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, Gávea and Pão de Açúcar 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 trillion cubic feet of gas (equivalent to 545 million barrels of oil). The Pão de Açúcar well 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’s consortium is preparing an appraisal plan to be submitted to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels, Repsol said. The Brazilian offshore is one of the areas with the highest hydrocarbon reserves growth in the world.

According to the Spanish company,

“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.”

Repsol Sinopec Brasil is strategically placed in the areas with most potential of the Brazilian presalt plays, and it leads exploratory activity in the Santos, Campos and Espírito Santo basins, which are amongst the world’s highest reserve-growth areas. The company pointed out that it has a

“diversified portfolio of projects in Brazil, including a producing field (Albacora Leste), two fields under development (Piracucá and Spainhoá – previously known as Guará), 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%.