Petrobras Finds Oil in Sepia Area. Oil Column Described as One of Thickest Ever in Brazil

Brazilian oil giant Petrobras has found oil at the Pedunculo well, located in the northwest of the Sépia offshore oil field, around 250 kilometers off the coast of Rio de Janeiro, Brazil.

The well was drilled at a water depth of approximately 2,200 meters. The net thickness of the well’s oil column is one of the highest ever recorded in Brazil.

This discovery lies within the Sépia Co-participated Area, which covers the  Sépia Transfer of Rights (ToR) contract (Petrobras, 100%) and the Sepia ToR Surplus Production Sharing Contract awarded in December 2021 to  Petrobras (30%), TotalEnergies (28%), QatarEnergy (21%) and Petronas  (21%), with Pre-Sal Petróleo S.A. (PPSA) as manager.

The Sépia Co-participated Area is operated by Petrobras, with a stake of  51.9%. TotalEnergies holds 19.2% net interest, alongside QatarEnergy  (14.4%) and Petronas (14.4%). The Sépia shared reservoir is currently producing 170,000 barrels of oil per day.

“This is excellent news, just a few months after concluding our entry into the world-class Sépia field in Brazil, where we are already benefiting from the production performance from the first FPSO," said David Mendelson, Senior Vice President, Americas at TotalEnergies Exploration & Production. 

“The resources confirmed by the Pedunculo well appear to exceed pre-drill expectations and add to the potential for future development of the area. Thanks to their exceptional productivity and the innovative technologies used in their developments, these resources fully fit in TotalEnergies’ low-cost, low-emission oil portfolio.”

QatarEnergy acquired a working interest in the Sépia Co-Participated Area in December 2021 during the 2^nd Transfer-of-Rights Surplus Bidding Round. 

Commenting on the discovery, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are encouraged by this discovery, which comes as a result of strategic cooperation with reputable partners in our effort to unlock more global energy resources as part of our comprehensive growth strategy. On this occasion, I would like to congratulate our partners, and l look forward to more future achievements.” 

Partners will continue operations to characterize the conditions of the discovered reservoirs and verify the extent of the discovery by conducting well tests, Qatar Energy said.