Brazil's state-run oil and gas giant Petrobras said Thursday it has discovered oil in the Campos Basin off Brazil's southeastern coast. Petrobras said the oil field was found during the drilling of the 4-PM-53 well, located in shallow waters about 6 km from the Pampo field, where the company currently produces oil.
Petrobras estimated that the recoverable oil from the well was at about 25 million barrels. The oil production from the 4-PM-53 well is expected to start this year as the necessary infrastructure is already installed at the site. The initial production may reach 3,000 barrels per day.
The company is considering linking the well to the Pampo platform or to the P-7 platform, which is located in the nearby Bicudo field. Petrobras said the oil discovery was a result of the company's strategy aimed at intensifying exploration in regions near the existing fields already in production.
