The gross recoverable volumes are currently estimated to be around three billion and four billion barrels of oil equivalent (boe). Further appraisal and production testing is planned. The well will be suspended with the view to performing a future drill stem test.
The Iara well lies approximately 230km off the coast of Rio de Janeiro in a water depth of 2,230m and has reached a total depth of approximately 6,080m. The BG Group and its partners will now work to submit an evaluation plan to the National Petroleum Agency of Brazil with future investment plans in the area.
Frank Chapman, CEO of the BG Group, said: These results from the Iara well met our best expectations and further enhance our confidence in the pre-salt Santos Basin as a most important future driver of the BG Group’s growth. Brazil will become a very major production center for our company and will sustain a major earnings contribution over at least three decades.
