Brazil’s Petrobras discovered a “good quality” oil reservoir with its first extension well at the offshore Libra field Monday.
The well reached a total depth of 18,812 feet and encountered a hydrocarbon column measuring 950 feet with 27 degree API oil in a porous and permeable substratum.
The extension well is located about 2.5 miles from the Libra discovery well.
Petrobras spudded its first appraisal well at the offshore Brazil field in August.
Production is scheduled to start in 2017 and is expected to plateau at 1.3 million barrels per day in 2030.
Petrobras estimates that Libra’s potential reserves range from 3.7 billion to 15 billion barrels, with 7.9 billion barrels being most probable.
The field is located in the Santos Basin and covers 598 square miles in water depths of about 6,561 feet.
France’s Total, a partner in the field, said development could require as many as 12 floating production, storage, and offloading vessels.
State owned Petrobras holds a 40 percent operating stake.
Royal Dutch Shell and Total each hold 20 percent stakes.
China’s CNOOC and China National Petroleum each hold 10 percent stakes.