Petrobras announced that the Extended Well Test (EWT) in Iara oil field started on June 21st, and the results indicate a great potential in the region.
Iara field is located in Santos basin, in the pre-salt area. The tests were conducted in the well 3-BRSA-1132-RJS (RJS-706) aboard the Dynamic Producer floating production unit, Petrobras said in a statement. This is the first test of this type to be carried out in Iara as part of the Discovery Evaluation Program.
The initial yield from the well was 29 thousand barrels of oil. Petrobras mentioned that the numbers point to the immense potential of the region as the initial production is similar to that of other wells in the Santos-basin pre-salt area that are producing for commercial purposes.
This ultra-deepwater oilfield was discovered in 2008 and has an evaluation period till the end of 2014. After the Evaluation Plan period ends, the consortium will submit the declaration of commerciality in the region to ANP, Brazil’s National Petroleum, Natural Gas and Biofuels Agency.
At the end of last year, the Brazilian government sanctioned a new regulatory framework for exploration in the pre-salt layers, establishing a reduction sharing mechanism. The law approved by the National Congress also determined that Petrobras would be the single operator of the blocks, with a minimum participation of 30% in the consortium that were established. The consortium to explore Iara is formed by Petrobras (65%) as the operator, UK’s BG Group (25%) and Portugal’s Galp Energia (10%).