(PetroNoticias) With results below initial expectations, Petrobras turned to the National Petroleum Agency (ANP) to ask for more time for exploration and evaluation activities in the Sagitario area (Block S-M-623), in the Santos Basin. The regulatory agency accepted the request and extended the exploration period in the region to March 5, 2024. With more time on the clock, the state-owned company will now be able to carry out seismic reprocessing in the block, which will bring more information about the southern part of the area.
In its request for an extension of the term, Petrobras claimed to the ANP that the information obtained from the drilling of an extension well (3-BRSA-1370-SPS) presented results below expectations. The company also added that the economic assessment of the northern area of the accumulation resulted in a strong negative impact on the project. Even so, the state-owned company has already hired PGS to carry out the seismic reprocessing activity, with the objective of improving the quality of images in the southern area of Sagitario.
The ANP, in turn, approved Petrobras’ request, extending the term of the Discovery Assessment Plan (PAD) for wildcat well 1-BRSA-1063-SPS. The exploration period for the block was extended to the same date. The agency also determined that the seismic reprocessing, which had already begun, be carried out as a firm commitment by Petrobras to explore the area.
The regulatory agency also placed as contingent commitments the drilling of a second extension well, with a decision point on October 31, 2022; and the performance of a coated well formation test contingent on the well’s result. Petrobras is the operator of Sagitario, with a 60% share. The oil companies Shell and Repsol are part of the consortium, each with a 20% stake.