Petroleo Brasileiro SA and its Indian partners-Videocon Industries and Bharat Petroleum Corporation have discovered new oil accumulation in Farfan area in the Sergipe Basin off Brazil’s Northeast coast. The discovery in the BM-SEAL-11 exploration block is one of several in recent years in an area believed to hold more than 1 billion barrels of recoverable oil, or enough to supply all needs in the United States for nearly 2 months.
The securities filing said drilling in the 9-BRSA-1280D-SES well on the Farfan prospect found a new 28-meter column of oil. It also confirmed the presence of light crude at density of 37 to 40 degrees on the American Petroleum Institute Scale first announced in 2013.
The discoveries also include natural gas. Farfan is located 107 kilometers (66 miles) east of Aracaju, the capital of Brazil's Sergipe state. The BM-SEAL-11 exploration block is the biggest new oil offshore frontier in Brazil since giant discoveries in the Santos Basin south of Rio de Janeiro were announced in 2007.
Videocon Industries, established two decades ago, is a global conglomerate. Videocon’s businesses consist of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.