Videocon discovers huge oil reserve in Brazil
Videocon-BPCL consortium discovers large crude oil reserve in Sergipe basin off Brazil's Northeast coast.
The result obtained in this well confirms the extension of the light oil reservoirs previously discovered by the 'Farfan' discovery well.
The large scale and volume and light oil discovery will enable one of the lowest cost producing giant oil fields in the world.
The 3rd partner of the group is Brazilian state-owned company Petrobras which holds 60 per cent stake in the venture; thrice of what Videocon and BPCL (20% each) owns individually.
About the Oil reserve
- The well 3-SES-186 was drilled 103 km from the city of Aracaju, Brazil, and 10 km from the discovery well in 2,467 meter of water.
- The well will be drilled to 6,060 meters.
- This accumulation is part of the exploratory project in the deepwater Sergipe-Alagoas basin.
- In addition, the well found presence of a new light oil accumulation with a total thickness of 68 metres in shallower reservoirs.
- As per the latest official report, Brazil claims to have 15.6 billion barrels of proven oil reserves - the second-largest in South America after Venezuela and 10th largest overall.
- More than 94% of Brazil's reserves are located offshore, and 80% of all reserves are found offshore near the state of Rio de Janeiro.
- The new discovery will certainly raise the stake of this developing country in the worldwide oil production.