Petrobras originally intended to spud an appraisal well, likely at a prospect called Teleferico, later this year at Block BM-S-50 to gather more information on the play.
However, in the wake of a sharp drop in oil prices and a more conservative investment plan for the next five years, Petrobras asked Brazil’s market regulator ANP for extra time to carry out the appraisal programme at Sagitario.
Petrobras was supposed to complete its assessment at BM-S-50 by August 2017, but the ANP recently gave the company an additional 14 months, until October 2018, to file the Sagitario declaration of commerciality.
Petrobras made the Sagitario find in early 2013 in 1871 metres of water using the Seadrill cylindrical semi-submersible rig Sevan Brasil.
The well detected 159 metres of good quality oil graded at 32 degrees API below the thick salt cap at a depth starting at 6144 metres. A drillstem test carried out a year later revealed carbonate reservoirs with good permeability.
The Sagitario discovery was considered key to Petrobras and partners BG Group and Repsol Sinopec because it was the first major deep-water find west of the giant Lula pre-salt field, opening up a new explor-ation frontier in the Santos basin.
Sagitario and other pre-salt finds still in the exploration phase are included in Petrobras’ ambitious $14.4 billion divestment plan for 2016. Last year, the company only sold $700 million worth of assets.
The state-controlled oil company is looking at farming down or selling its stakes in a number of exploration blocks and producing fields in Brazil and abroad.
Petrobras holds a 60% stake at BM-S-50. Also on offer is the company’s 80% stake at adjacent Block BM-S-51 where it intends to spud the Lebre wildcat, a challenging well due to high-pressure, high-temperature conditions.
The drilling of Lebre has been postponed numerous times and is not expected to happen anytime soon, as Petrobras searches for a new partner to help design the well and to lower its own drilling costs.
According to the ANP, Petrobras has until September 2018 to complete exploration activities at BM-S-51.
石油圈
