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QGEP to develop Brazil' s post-salt Atlanta field

RIO DE JANEIRO -- QGEP said that local regulators had approved the company' s development plan for the offshore Atlanta field. In November, QGEP officials said that production at the field was expected to start in 2014. The company plans to give a detailed timeline for the field' s development.

QGEP, the oil and natural gas arm of local industrial conglomerate Queiroz Galvao, is quickly becoming a player in Brazil' s offshore oil industry. QGEP joined Petrobras, Galp Energia SPGS and closely held Barra Energia in announcing the completion of the Carcara subsalt well, which contained one of the thickest reservoirs discovered in Brazil' s subsalt region. QGEP also produces natural gas from the Manati offshore field.

The Atlanta field sits above the salt layer that trapped the billions of barrels of crude discovered further south in the Santos Basin, but still holds commercially viable volumes of heavy crude. QGEP previously said that it planned to drill a horizontal well at Atlanta this year. QGEP is the operator of the BS-4 block containing Atlanta and the sister Oliva field, holding a 30% stake. Barra Energia owns 30%, while OGX paid Petrobras $270 million in late November for the remaining 40% share.

Dow Jones Newswires



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