Petrobras has received authorization from Brazil’s National Oil, Natural Gas and Biofuels Agency (ANP) to initiate the early production system of well 2-ANP-1RJS, located in Búzios field (formerly known as the Franco area), in the Santos Basin pre-salt. Through this temporary system, the company will be able to produce for approximately seven months, while obtaining information for optimizing the field’s first definitive production system.
Búzios field is located around 200 km (124 miles) off the coast of Rio de Janeiro, at a water depth of 1,600 to 2,100 meters (5,249 to 6,890 feet). Petrobras submitted its declaration of commerciality for the field in December 2013. (Such declarations are issued when the company or consortium exploring the area in question concludes that oil and natural gas production there is commercially feasible.) Three-dimensional seismic studies (a technique used to map reservoirs) have already been carried out in Búzios field and 11 wells have been drilled there in order to delimit and characterize the reservoir.
The field accounts for the bulk of the volume acquired by Petrobras through its transfer-of-rights agreement with the Brazilian government—3.058 billion barrels of oil equivalent (oil and natural gas) out of the total of 5 billion barrels to be produced under the deal. The oil found by Petrobras in this field is high quality (between 26° and 28° API).
The Transfer of Rights agreement covers a group of areas and fields in the Santos Basin pre-salt layer: the Iara Surroundings area; Búzios field (formerly called the Franco area); Sépia field (formerly the Northeast Tupi area); Itapu field (formerly the Florim area); South Lula field (formerly the South Tupi area) and South Sapinhoá field (formerly the South Guará area)—that were transferred from the federal government to Petrobras in exchange for payment. Petrobras paid for the right to carry out oil and natural gas surveying and production activities in these areas and, as provided by law, it will have the right to explore and produce up to 5 billion barrels of oil equivalent (oil and natural gas) there.