Búzios oil field

Búzios oil field is a large ultra-deepwater oil field located in the Santos Basin, about 230 km off the coast of Rio de Janeiro, Brazil. Originally named Franco oil field, it was the second largest pre-salt find in the basin since 2007, behind Tupi oil field, which holds between 5 and 8 e9oilbbl equivalent and is located just south of the Búzios oil field.

Etymology
The field was named after Búzios, Rio de Janeiro.

History
The field was discovered in May 2010 with an encounter of light oil which measured 30° API. The find was announced on May 14, 2010, however the Brazilian authorities claim the second well named Libra proved to be even larger than Búzios oil field. Libra is located 19 mi from Búzios and was drilled by Petrobras, contracted by the Brazilian National Agency of Petroleum (ANP). It was also announced that Franco was not linked to Iara field located near the discovery. Búzios was owned by ANP, who paid Petrobras a total of $150 million to drill the well.

Reservoir
The region the reservoir is located in is 200 km wide and 800 km long. The pre-salt reservoir of the Guaratiba Group is located at a water depth of 2000 m and under 5000 m of overburden. The field is estimated to contain 3058 e6oilbbl, down from an initial estimate of 4.5 e9oilbbl. The rock layer is 272 m thick which makes it less difficult for production. ANP official stated there was no gas discovered in the prospect, making the field more profitable and easier to develop.