The consortium formed by Petrobras (45% - Operator), British Gas - BG (30%), and REPSOL YPF Brasil (25%) has discovered 27º API oil at exploratory well 1-BRSA-491-SPS (1-SPS-50), located 273 km off the coast at a depth of 2,140 m in Block BM-S-9, in the Santos Basin.

This new positive result reaffirms the historic moment oil exploration is going through in Brazil, particularly in this deep water area in the Santos Basin.

The tests performed in the vertical well suggest the production of 2,900 barrels of oil and 57,000 cubic meters of gas per day, with flow limited by the test's operating facility and safety restrictions. Formation test assessments and new geological studies are now being undertaken to prove whether or not the reservoirs that have been found have good productivity characteristics and economically viable volumes under the area's geographical conditions (depth of 2,140 meters and 273 km off the coast).

New investments to be made in the area will include drilling new wells and developing new technologies that will lead to progress in Santos Basin deep waters. To do so, in compliance with the regulatory agency's norms, the Consortium must submit an Assessment Plan for this discovery's area to the NPA indicating the deadline for future investments in Exploration.