BG Group Completes Testing At Corcovado-1 Well In Santos Basin, Offshore Brazil

Published: 28-Oct-2009

BG Group PLC (BG Group) has completed testing operations on the exploration well 6-BG-6P-SPS, known as Corcovado-1 in Santos basin, offshore Brazil, Dow Jones Newswires reported. Despite being a successful discovery, Corcovado-1 well has fallen short of previous wells in the Santos basin, several of which have yielded multi-billion-barrel oil discoveries.

"Corcovado is very different to other plays (within Santos), we are drilling into much older reservoirs," said BG Group's Chief Executive Frank Chapman.

The Corcovado result should not detract from, "a series of very good results which really throw the focus ... from exploration success to the economics and pace of development of existing discoveries," he said.

Early data from the Iracema well drilled in the north of the Santos basin is “very promising indeed," Chapman said.

Well tests on the multi-billion barrel Tupi oil discovery further south, "are doing a lot better than we imagined," he said. “Pressure in the borehole has been maintained very well through the test, which has extracted more than a million barrels of oil equivalent, and it appears that there are no barriers to oil flow in the geology of the well”, he said.

After positive well test results earlier in 2009, BG Group and its partners in Guara field, Petroleo Brasileiro SA and Repsol YPF have accepted to connstruct a second 120,000 barrel-a-day capacity floating production, storage and offtake vessel for the field, he said. “First production is targeted from 2012”, he said.

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