A fifth well drilled in the Sul de Tupi (Tupi South) area in the pre-salt Santos Basin has hit good quality oil, according to operator Petrobras.

Well 4-BRSA-1047-RJS (4-RJS-698), Sul de Tupi, is located south of the giant Lula field in the Transfer of Rights Agreement area, and lies in a water depth of 2,188 m (7,179 ft). The field is 302 km off the coast of Rio de Janeiro state.

The fifth well since the Transfer of Rights Agreement was executed con- firmed the presence of reservoirs of excellent quality in carbonate rocks below the salt layer, said the operator. Preliminary assessments indicate that there is communication between the Transfer of Rights reservoirs of Sul de Tupi and the Lula field, where oil of approximately 28º API has been verified.

Drilling is continuing, with the well currently at a depth of 5,220 m (17,127 ft), and will proceed to a stratigraphic level of approximately 5,600 m (18,374 ft), as set out in the agreement.

According to the activities and investments set down in the Mandatory Exploratory Program, once drilling is complete, a formation test is scheduled to take place to assess the productivity of the reservoirs.

The agreement also specifies that the exploration phase is expected to end by September 2014, and Petrobras may declare commerciality within this period, it added.