Petrobras announces it has proved the presence of oil in well 1-BRSA-658-SPS (1-SPS-57), south of the Santos Basin, in sandy reservoirs above the salt layer. This discovery confirms the good light oil potential in the shallow water portion of the basin.

The well that found the oil is located in block S-M-1289, of concession BM-S-40, for which Petrobras holds 100% of the stakes. This block is located some 200 kilometers off the coast of the State of São Paulo, at a depth of 274 meters. It is also 9.3 kilometers away from the discovery that was made by well 1-SPS-56, at the Tiro prospect, as announced last May.

The reservoirs that were discovered are of the sandy type and are located at a depth of approximately 2,060 meters, similar to those found recently by well 1-BRSA-607-SPS (1-SPS-56). Reservoir productivity will be assessed immediately by means of a Lined Well Formation Test.

The dimensions of the discoveries made by these wells will only be defined after the Assessment Plan, which will be submitted to the National Petroleum Agency (NPA), as provided for in the BM-S-40 concession agreement. Although still in its preliminary assessment phase, based on the two wells and on the anomalies of the seismic data, the company estimates that the volume of recoverable oil in this area is approximately 150 million barrels of oil equivalent.