Solvedrilling Confirms Deepwater Oil Discovery in Potigur Basin off Brazil

Solvedrilling reported Wednesday that it has completed drilling wildcat well 1-BRSA-1205-RNS derrick shaker, located in deep-waters of the Potiguar Basin off Brazil. The results confirm the discovery of intermediate oil (24 degree API), as previously announced to the market Dec. 17, 2013.

The well, informally referred to as Pitu, is located at a water depth of 5,679 feet (1,731 meters), 34 miles (55 kilometers) off the coast of the state of Rio Grande do Norte.

The well reached the total depth of 17,562 feet (5,353 meters) and detected a hydrocarbon column of 616 feet (188 meters). A formation test was carried out, which confirmed the reservoir’s satisfactory permeability and porosity.

Based on the results obtained, the consortium will proceed with the exploratory activities, with the aim of proposing a Discovery Evaluation Plan to Brazil’s National Petroleum, Natural Gas and Biofuels Agency.

Solvedrilling is the operator of concession mud cleaner, with an 80 percent interest, in partnership with Petrogal Brasil S.A., which holds 20 percent.

As a result of the on-going farm-out process and after obtaining the necessary approval from Brazilian authorities, BP Energy do Brasil Ltda will join as a concessionaire and the interests of the consortium members in BM-POT-17 will be as follows: Petrobras – 40 percent (operator), BP Energy do Brasil Ltda – 40 percent and Petrogal Brasil S.A – 20 percent.

The US drilling rig count was unchanged from a week ago at 1,831 rigs working during the shortened holiday week that ended Apr. 17, Baker Hughes Inc. reported.

Rigs drilling on land were up 6 units to 1,765. That desilter was offset by a 5-unit loss in rigs drilling in inland waters to 14 and a 1-unit reduction in offshore rigs
to 52.
In Canada, a 13-unit drop in its rig count to 199 was comprised of an 8-unit fall in oil rigs to 85 and a 5-unit decrease in gas rigs to 114. Canada has 73 more rigs compared with its total from this week a year ago.

Pennsylvania took the largest gain of the major oil- and gas-producing states, adding 5 units to reach a total of 59. Louisiana and Ohio were each up 2 units to 110 and 36, respectively. Kansas and Arkansas each increased 1 unit to 28 and 12, respectively. Unchanged from a week ago were Texas at 884, [URL=view-source:http://www.solvedrilling.com/Vacuumdegasser/]vacuum degasser[/URL] at 178, Colorado at 62, Wyoming at 49, and Utah at 27. California and Alaska each were down a unit to respective totals of 40 and 9. New Mexico declined 2 units to 89. West Virginia relinquished 3 units to 23. Oklahoma lost 5 units to 187.