Iracema oil field

Iracema is an oil field located in the Santos Basin, off the coast of Rio de Janeiro, Brazil, northwest of the giant Tupi oil field. Iracema is the third well drilled in the BM-S-11 block and could be an extension of ultra deep Tupi oil field. The field was previously called Cernambi.

Etymology

The field was named in honor of the Guarani Iracema figure from Brazilian mythology.

Iracema's first well was drilled to a depth of and was completed in September 2009. Two drill stem tests were done over two zones with production reaching per day and per day of gas. The oil produced at Iracema is 32° API. The partners expect the field will be producing up to.

BM-S-11 block which contains Iracema oil field is operated by Petrobras with controlling 65% of the stake while BG Group holds a 25% and Galp Energia holds 10% of the share.

The Iracema field lies at a depth of and produces from the pre-salt Guaratiba Group. The depth, thickness of the salt and drastic changes in temperatures make the process of oil extraction particularly difficult which make the project financially challenging. Petrobras announced it would invite international oil companies to bid for concessions in the region.