Statoil and its partner Sinochem have completed the drilling of appraisal well 3-STAT-8-RJS located at the Peregrino field, 85km offshore of Brazil.
The field is located in the Campos basin at a water depth of about 100m in licenses BM-C-7 and BM-C-47. The well encountered about 85m of high-quality oil-filled sandstone reservoir in the Carapebus formation.
Statoil said more than 70% of net hydrocarbon pay has been identified in the well, and that it confirms the significant potential of Peregrino South in the exploration well that was completed in April 2011.
Statoil Brazil president Kjetil Hove said the result confirms the company's positive view of the Peregrino area and will form an important basis for the Peregrino Phase II development.
"We will now continue to work toward a final investment decision to develop this new oil discovery," Hove added.
Statoil holds a 60% stake and the operatorship in the field, while China's Sinochem owns the remaining 40%. The Peregrino field includes two drilling and wellhead platforms, and a large floating production, storage and offload unit. Oil production started in April 2011 and it is currently one of the largest producing offshore oil fields in Brazil.
Statoil also made the high-impact Pão de Açúcar discovery together with operator Repsol Sinopec and partner Petrobras in block BM-C-33 in February 2012.