Chairman of India’s Videocon says new discovery will be one of the lowest cost wells in the world
A consortium that includes a 50:50 joint venture between Bharat Petroleum (ticker: PBCL) and Videocon Industries (ticker: VIDEOIND), and Brazilian oil major Petrobras (ticker: PBR) report a significant discovery off the northeast coast of Brazil. The discovery was made in a well drilled in the BM-SEAL-11 exploration block in the Sergipe basin off the coast, the two companies said in
“The well 3-SES-186 was drilled 103 km (approximately 64 miles) from the city of Aracaju, Brazil, and 10 km (6.2 miles) from the discovery well in 2,467 meters (approximately 8,100 feet) of water. The well will be drilled to 6,060 meters (19,882 feet),” Videocon said. The well confirms the extension of the light oil reservoirs previously discovered by the ‘Farfan’ discovery well, and found presence of a new light oil accumulation with a total thickness of 68 meters (223 feet) in shallower reservoirs, reports The Hindu.
“The large scale and volume and light oil discovery will enable one of the lowest cost producting giant oil fields in the world,” said Videocon Group Chairman V. N. Dhoot.
Petrobras is the operator of the BM-SEAL-11 block with 60% interest. IBV Brazil, the Bharat and Videocon JV, holds the remaining 40%.
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