Notícia: Update: Brazil'S Petrobras Third Well Confirms Tupi Potential (NRG)

(Updates with details about the contractor group)

RIO DE JANEIRO -(Dow Jones)- Brazil state-controlled oil company Petrobras (PBR) has confirmed the potential of its Tupi off-shore field with the drilling of a third well, the company said in a statement Thursday.

Petrobras said drilling in its Iracema well, 4-BRSA-711-RJS (4-RJS-647), in the deep-sea waters of Santos Basin confirmed initial expectations the Tupi field would have between 5 and 8 billion barrels of recoverable light oil and natural gas.

The reserves are in the sub-salt layer of that area.

According to Petrobras, the well is still being drilled and is seeking even deeper objectives.

The new well is 33 kilometers northwest from pioneer well 1-RJS-628 and confirmed the presence of good quality oil reserves of a quality similar to that of the pioneer well, Petrobras said.

Petrobras said it confirmed the initial estimates for the area.

Iracema, the informal name for the well, is the located in the area of the Tupi Evaluation Plan in water depths of 2,210 meters and around 250 kilometers off the coast of Rio de Janeiro State.

The contractor group for this project includes Petrobras, with a 65% stake; BG Group, with a 25% holding; and Galp Energia, with the remaining 10% stake.

-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086; john.kolodziejski@dowjones.com