Petrobas scores again in Santos Basin

Petrobras today announced the discovery of a new accumulation of good quality oil (26º API) in the Santos Basin pre-salt reservoirs.

The discovery resulted from drilling well 4-BRSA-818 (4-RJS-668), named Macunaíma, at a water depth of 2,134 meters, located in the 1-RJS -617D (Parati) assessment area and 244 km off the coast of Rio de Janeiro State.

The discovery was confirmed through oil logging via cable test in the reservoirs located at a depth of about 5,680 meters.

Petrobras is the operator of the consortium for the exploration of block BM-S-10 (65%), which is also composed of BG Group (25%) and Partex Brasil (10%).

The consortium will continue the activities and investments necessary to assess the deposits discovered in this area as per the Evaluation Plan approved by the National Petroleum Regulator (ANP), the completion of which is expected to take place in April of 2012.

Petrobras will spend $3.5 billion over the next four years double biofuels output

Will the waterways soon be flooded with biofuel tankers?

Brazilian state-run energy giant Petrobras (PBR, PETR4.BR) will spend $3.5 billion over the next four years to more than double biofuels output, positioning the company to take advantage of global demand for clean, renewable sources of energy.

“We are preparing for a global scenario in which the demand for biofuels is expanding,” Miguel Rossetto, chief executive of Petrobras biofuels unit Petrobras Biocombustivel, said in an interview.

Petrobras created Petrobras Biocombustivel in 2008 to be the platform for its entry into Brazil’s biofuels sector, where sugarcane ethanol has been in use since the 1970s. But the world’s need to reduce carbon emissions, including firm targets set by some countries, means that demand for biofuels such as ethanol and biodiesel will likely explode in coming years.

Petrobras approves order for 7 deepwater rigs for $4.64B

Petrobras’ board of directors approved the bidding process for the construction, in Brazil, of the first seven of a total of 28 offshore drilling rigs intended to meet its long-term drilling program with priority given to the pre-salt wells. The new rigs are expected to come into operation in 2015. The remaining 21 rigs will also produced in the country.

During the construction period, 32,000 thousand direct and indirect jobs are hoped to be created in eight years. In the operation phase, meanwhile, there will be 10,000 new positions (direct and indirect) for a period of 10 years.