By Brazil Stock Guide — Brazilian oil and gas producer Brava Energia (B3: BRAV3) said on Thursday (October 15) it had identified natural gas in an onshore exploration well at the Sanhaçu field in the Potiguar Basin, in the northeastern state of Rio Grande do Norte.
The company said drilling at the 3-SAN-6D-RN well, its first onshore exploration well at the field, reached a final depth of 2,230 meters and confirmed the presence of hydrocarbons in the main reservoir, which was found to be saturated with natural gas.
Brava has formally notified Brazil’s oil and gas regulator, ANP, of the findings, in accordance with the country’s regulatory requirements.
The company said the next phase of the project would involve more detailed technical studies to determine the extent of the gas accumulation and assess whether it could support commercial production.
The findings represent a preliminary step in evaluating the field’s gas resources. While the presence of hydrocarbons has been established, further assessment will be required before Brava can determine the economic viability of developing the reservoir.
Brava did not disclose estimates of gas reserves, potential production capacity, development costs or a timeline for bringing the resources into production.
The Potiguar Basin, located in northeastern Brazil, is an established oil and gas producing region with both onshore and offshore operations. Additional gas resources in the basin could potentially support future production, depending on reservoir characteristics, development economics and access to infrastructure.
For Brava, the next technical assessments will be critical in determining whether the gas identified at Sanhaçu can translate into additional commercially recoverable resources.
The company said it would continue to keep investors informed of developments in the exploration project.
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