Statoil and the Petrobras of Brazil have struck oil on the Indra prospect in the Espirito Santo basin off the coast of Brazil.

Petrobras is operator for licence BM-ES-32, where the discovery was made and where Statoil holds a 40% stake.

The exploration well was drilled at a depth of 2,130 metres and both oil and reservoir quality is good.

The reservoir thickness is approximately 70 metres and is of good quality. The preliminary analysis of the oil shows a density in the range between 25 and 30 degrees API.

'We are very pleased to have struck oil here and the result will have an important bearing on our decision regarding further exploration activity in this area,' says Tim Dodson vice president, international exploration.

The Inndra find was made by the semi-submersible rig Paul Wolfe. The location is situated 140 kilometres from land and some 400 kilometres north of the Peregrino field.

At the moment Statoil is also participating in exploratory drilling in the Campos basin on licence BM-C-33, where Repsol is the operator.

Statoil is operator on the Peregrino field and will hold a 60% share once the 40% divestment to Sinochem has been approved by the Brazilian authorities. Peregrino is planned to come on stream in the latter half of the first quarter of 2011.

By next year Statoil plans to operate three exploration wells in Brazil, two in the Peregrino area in order to prove additional resources on the field, as well as an exploration well in the Camamu basin.

Tags: Petrobras, Statoil