Brazil's Sergipe block has high-quality crude -Petrobras

Reuters

SAO PAULO, Oct 17 (Reuters) - The oil field off Brazil'snortheast coast by Petróleo Brasileiro SA and partner India'sBharat Petroleum Corp is excellent and contains high-qualitycrude, Brazil's state-controlled oil company said on Thursday.

Petrobras, as the company is known, and a unit of its jointventure partner concluded a drilling test in the3-BRSA-1178D-SES (3-SES-176D) well, known as Farfan 1, toevaluate the well's productivity, a securities filing said. Thearea is located about 100 kilometers (62.5 miles) north ofAracajú, the capital of the Brazilian northeastern state ofSergipe.

The test found high-quality oil with a density of 38 degreesAPI in a reservoir presenting "good conditions and excellentproductivity readings," the filing added.

Reuters reported on Sept. 26 that the discovery, centered onthe SEAL-11 offshore exploration block, likely holds more than 1billion barrels of oil and that the region will soon becomeBrazil's biggest new oil frontier.

Petrobras Chief Executive Officer Maria das Graças Fostersaid earlier this month that the block could produce a minimum100,000 barrels of petroleum a day starting in 2018.

The SEAL-11 block is 60 percent-owned by Petrobras and 40percent-owned by IBV Brasil, a 50-50 joint venture betweenBharat and Videocon Industries Ltd.

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