The latest exploration well on the Iara Field area in Brazil’s ultradeepwater Santos Basin has confirmed up to 5 Bbbl of oil in the so-called Transfer of Rights area.

Operator Petrobras said the Entorno de Iara 3 well, the third drilled in the Entorno de Iara Block, confirmed good quality oil in the presalt reservoir. After drilling in a water depth of 2,244 m (7,360 ft), the state-owned major said the 4-BRSA1226-RJS (4-RJS-728) well confirmed 27º API oil in a carbonate reservoir below salt at a depth of 5,548 m (18,197 ft) after the well reached a total depth of 5,875 m (19,270 ft).

“Data obtained so far have allowed us to confirm the existence of the totality of the volume contracted by Petrobras with the Brazilian Federal Government, which is 5 Bboe,” the company said. The well was located 241 km off the coast of Rio de Janeiro state.

The probe completes a 16-well exploration program required under the mandatory exploration plan for six Transfer of Rights areas, with an outstanding 100% success rate so far.

As at the end of last year Petrobras had already declared commerciality for part of the volume contracted in the Franco area (now named the Búzios Field) of 3.058 Bboe, and the Tupi Sul area (now the Sul de Lula Field) of 128 MMboe.

The remaining volumes required to make up the total of 5 Bboe are located in Rights Transfer areas, whose commerciality declarations are scheduled to be submitted to the national regulator ANP by year-end 2014.