Petrobras proves 5 billion bbl of oil in Entorno de Iara

5/9/2014

Petrobras proves 5 billion bbl of oil in Entorno de Iara

JESSICA BRICE

RIO DE JANEIRO (Bloomberg) -- Petroleo Brasileiro SA said a third well in a $42.5 bn offshore area shows the existence of 5 billion bbl of oil.

Petrobras said it found “good quality” oil in the 4-BRSA1226-RJS well in the field known as Entorno de Iara, according to a regulatory filing. The well is located in 2,244 m of water about 241 km off the coast of Rio de Janeiro.

The well was drilled in a area where state-controlled Petrobras bought the rights to produce as much as 5 billion bbl of oil from the government in 2010 as part of a $70-bn share sale. The area includes the Franco and other fields in the so-called pre-salt region.

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