Videocon completes formation test with good quality of oil in Brazil

Videocon Industries Ltd. said Petroleo Brasileiro SA (Petrobras), the operator of the BM-SEAL-11 Concession, has completed formation test in Well (3-SES-176D) informally known as Farfan#1, the first to evaluate the production capacity of the accumulation located in the concession area BM-SEAL-11, Block SEAL-M-426 in ultra deep waters of the Sergipe-Alagoas basin offshore.The block is 60 percent owned by Petrobras and 40 per cent by IBV Brasil, a 50:50 joint venture of BPCL and Videocon Industries Ltd.Petrobras further confirmed the test evaluated 30 metres of turbidite sandstones formation and confirmed good reservoir characteristics featuring excellent productivity of good quality oil (38 degree API). It further added that the formation test, conducted at a depth of 5,609 metres, was a continuation of the operations carried out in the area as released to the market on August 9 stating that the well found reservoir thickness of 51 m, with good conditions of permeability and porosity.“Petrobras and IBV will proceed with further implementation of the Discovery Evaluation Plan as soon as the same is approved by Brazil’s National Petroleum Regulators, Natural Gas Biofuels Agency (ANP), a statement issued by Videocon said.