The Brazilian government controlled Petrobras has been exploring an offshore subsalt area as part of an oil-for-stock deal that was signed in 2010; it was during the exploration of this area that the company discovered the reservoir.
The find confirms previous analysis that predicted Petrobras’ Franco field stretched towards the northeast of the Santos Basin.
Once it is fully operational, Petrobras hopes to make 845 000 bbls/d from the field, a figure that is roughly equivalent to 13% of the company’s total estimated output for 2020. Petrobras has also stated that the Franco reserve may contain approximately 6 billion bbls.
Adding to the good news, the first samples from the region have shown the oil to be of “good quality” of only 28 degrees on the API scale, making it a more valuable grade of crude than the majority of what is produced in Brazil.