PetroChina's deepwater exploration block in Brazil made a significant oil and gas discovery

On November 10, China National Petroleum Corporation announced that the Gulashau-1 well, the first exploration well in the Alamam deepwater exploration block in the Santos Basin in Brazil, in cooperation with Petrobras (Petrobras), has been successfully tested, becoming the latest result
of sincere cooperation and common development between China and Brazil.

The Gulashau-1 well is located 240 km from the municipality of Santos in the state of São Paulo, with an operating water depth of 1,905 m
.
In November 2021, the well confirmed the oil-bearing section through cable logging and fluid sampling, making a significant exploration discovery, becoming one of the world's
top ten crude oil discoveries in the past decade.
PetroChina and Petrobras technical teams quickly determined the test plan and actively promoted potential layer testing to further clarify reservoir capacity and reservoir properties
.
On October 16 this year, the Gulashau-1 well completed the three-open and three-pass stage test and obtained a high-yield oil flow, and through the collection of dynamic production data, the production capacity of the well was analyzed and evaluated in more depth, which further confirmed the huge resource potential and development prospects of the Alam block, and laid a resource foundation
for accelerating the exploration evaluation process and putting into development as soon as possible.

The Alam block was successfully acquired by a consortium of Petrobras (80% interest) and PetroChina (20% interest) in Brazil's sixth round of sub-salt block tender on November 7, 2019, and the project product sharing contract was signed
on March 30, 2020.

As the only partner of Petrobras in the project consortium, PetroChina has set up a strong research team, given full play to its own technical advantages, and repeatedly demonstrated with Petrobras on the well location and test plan of the Gulashau-1 well, and reached a consensus on the deployment of the well
.
China's level of specialization in carbonate reservoir evaluation, igneous rock distribution prediction and accumulation research has been highly recognized and appreciated
by Petrobras.
In the process of drilling and testing, the joint operation body formed by the two parties effectively coped with the difficulties and challenges such as the new crown epidemic, ultra-deepwater operation, high temperature and high pressure under salt, continued to deepen geological understanding, strengthened communication and communication, and carried out rapid and safe construction.

The high oil test of Gulashao-1 well is a major breakthrough in PetroChina's overseas deepwater oil and gas exploration, which has laid a solid foundation for it to refine and strengthen the global offshore deepwater oil and gas exploration and development business, cultivate talents and accumulate technical management experience, and at the same time, it has also become another successful practice
of PetroChina to implement the consensus reached at the 14th BRICS Summit on adhering to cooperation and development, strengthening energy security and other fields.