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Franco Country Brazil Location Santos Basin Block(s) BM S 11 Offshore/onshore offshore Operator(s) Petrobras Field history Discovery 2010 Production Estimated oil in place 4,500 million barrels (~6.1×10^8 t) Franco oil field is a large ultra-deepwater oil prospect located in the Santos Basin, about 230 km (140 mi) off the coast of Rio de Janeiro, Brazil, north of Tupi field. It is the second largest pre-salt find in the basin since 2007 behind Tupi field which holds between 5 to 8 billions BOE.[1][2][3] Contents 1 History 2 Ownership 3 Reservoir 4 See also 5 References 6 External links History The field was discovered in May 2010 with an encounter of light oil which measured at 30° API.[1] The find was announced on May 14, 2010, however the Brazilian authorities claim the second well named Libra may turn out to be even larger than Franco field. Libra located 19 miles (31 km) from Franco is being drilled by Petrobras contracted by the Brazilian National Agency of Petroleum (ANP).[3][4] It was also announced that Franco was not linked to Iara field located near the new discovery.[2] Ownership This section requires expansion. Franco prospect is currently owned by ANP. ANP paid Petrobras a total of $150 million to drill the well.[5] Under the state capitalization plan, Petrobras is expected to receive rights from the government to explore and produce up to 5 billion barrels of oil in exchange for new shares at fair market value.[6] Reservoir This section requires expansion. The region the reservoir is located in is 200 kilometres (120 mi) wide and 800 kilometres (500 mi) long.[3] The oil lies under 2,000 metres (6,600 ft) of water and further 5,000 metres (16,000 ft) under sand, rock and shifting salt layer.[4] The field is believed to contain up to 4.5 billion BOE.[7] The rock layer is 272 metres (892 ft) 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.[5] See also Libra oil field Santos Basin Campos Basin Tupi oil field Iara Oil Field References ^ a b Fabio Palmigiani (2010-05-12). "Brazil's Franco prospect holds 4.5bn barrels". Upstream Online. http://www.upstreamonline.com/live/article214778.ece. Retrieved 2010-05-17.  ^ a b "Two big oil finds in a row for Brazil". Edmonton Journal. 2010-05-15. http://www.edmontonjournal.com/business/finds+Brazil/3032384/story.html. Retrieved 2010-05-17. [dead link] ^ a b c Reese Ewing (2010-05-14). "Brazil sees second major offshore oil discovery". Reuters. http://www.reuters.com/article/idUSN1423577220100514. Retrieved 2010-05-17.  ^ a b "Brazil: ANP's Santos Basin Franco presalt well holds recoverable reserves of 4.5 billion barrels". Energypedia News. 2010-05-12. http://www.energy-pedia.com/article.aspx?articleid=140291. Retrieved 2010-05-17.  ^ a b Peter Millard (2010-05-14). "Brazil May Top Second Biggest Pre-Salt Find at Well". Bloomberg Businessweek. http://www.businessweek.com/news/2010-05-14/brazil-may-top-second-biggest-pre-salt-find-at-well-update2-.html. Retrieved 2010-05-18.  ^ Jeff Fick (2010-05-18). "Brazil Petrobras CFO: Iara Field Not Connected To ANP's Franco". Wall Street Journal. http://online.wsj.com/article/BT-CO-20100518-708933.html?mod=WSJ_latestheadlines. Retrieved 2010-05-18. [dead link] ^ "Brazil's ANP: Franco Well Holds Recoverable Reserves Of 4.5B Barrels". Wall Street Journal. 2010-05-12. http://online.wsj.com/article/BT-CO-20100512-716129.html?mod=WSJ_latestheadlines. Retrieved 2010-05-17. [dead link] External links Petrobas official site