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Petrobras Partner Barra Sees More Carcara-Like Oil Discoveries

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Aug. 21 (Bloomberg) -- Barra Energia Petroleo e Gas, an oil startup with a 10 percent stake in Petroleo Brasileiro SA’s Carcara oil discovery, sees potential to find similar fields at the same concession in deep waters of the Atlantic Ocean.

“One of the most important consequences of this discovery is that we have other geologically similar prospects nearby Carcara inside our BM-S-8 block, which now have been greatly de-risked and add enormous value to this block,” Barra Chief Executive Officer Renato Bertani said in an e-mailed response to questions.

Petrobras, based in Rio de Janeiro, is still drilling to find the bottom of the reservoir, Bertani said. The first well at Carcara encountered a layer of good-quality oil more than 400 meters (1,312 feet) thick, compared with as much as 350 meters at Lula, Brazil’s largest field with an estimated 6.5 billion barrels of reserves, Jose Formigli, the head of Petrobras’s exploration and production unit, told reporters Aug. 15.

Petrobras and its partners need to drill additional wells to determine the size of Carcara, Formigli said at the time. Brazil expects to more than double oil production by 2020 as Petrobras develops the largest discoveries in the America’s since Mexico found Cantarell in 1976.

The state-controlled company operates the BM-S-8 concession with a 66 percent stake. Galp Energia SGPS SA has a 14 percent stake and QGEP Participacoes SA has a 10 percent stake.

To contact the reporter on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net