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Iara oil field is situated in the Santos Basin, about 230km off the coast of Rio de Janeiro. The light oil field lying, in a water depth of 2,230m, is located near the Tupi field. The subsea production from Iara is expected to start in 2017.The Iara field is operated by Petrobras and is owned by a consortium comprised of Petrobras (65%), BG Group (25%) and Galp Energia (ten percent).#Discovery of the Brazilian field#The Iara field was discovered by Petrobras in August 2008. The new discovery well 1-BRSA-618-RJS (1-RJS-656) was drilled by the Noble Paul Wolff semi-submersible rig.The well is situated in the smaller sphere of Block BM-S-11. The discovery was established by a light oil sampling gathered by conducting a cable test in reservoirs at a depth of 5,600m.The discovery was confirmed through the samples gathered from carbonate reservoirs of high quality settled under the salt layer at a depth of 5,045m.The Block BM-S-11 also includes a larger exploratory area known as Tupi. The Tupi field is estimated to hold five to eight billion barrels of light oil and natural gas.#Reserves at the Iara oil field#The formation tests confirmed that the Iara area is estimated to hold recoverable reserves of three to four billion barrels of oil and natural gas. The exploratory potential was proved by formation tests realising the light oil of approximately 28º API.#Development of the Santos Basin-based oil field#The Iara field is being developed under the Iara Evaluation Plan implemented in Block BM-S-11. The drilling on the Iara Horst well (3-BRSA-891A-RJS) was successfully completed in March 2011.The extension to one of the exploratory wells encountered good quality oil (28˚ API) in a dense reservoir segment. The well was drilled at a water depth of 2 279m. The initial outcomes of the well have shown superior reservoir features in comparison with the original discovery well.Petrobras completed the drilling of exploratory well 3-BRSA-1032-RJS (3-RJS-697) in April 2012. The well, also referred to as Iara Oeste, is located at a water depth of 2,150m. It was drilled to a total depth of 6,050m.The fourth well, 3-RJS-706 (3-BRSA-1132-RJS) was drilled at a water depth of 2,197m in the Iara area in March 2013. The cable samples gathered from the well affirmed the presence of 28º API oil in high quality carbonate reservoirs.Petrobras discovered good quality oil in the Transfer of Rights area known as Entorno de Iara in May 2013. The area is located in the Santos Basin pre-salt region. The well 1-BRSA-1146-RJS (1-RJS-711) lies at a water depth of 2,266m. The productivity of the reservoirs in this area is to be evaluated through a formation test and the drilling of an additional well under the Mandatory Exploratory Programme of the Transfer of Rights Agreement.The consortium will carry out the development activities in the Iara area according to the Evaluation Plan sanctioned by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).#Contractors involved with the Iara field’s development#Aker Solutions signed an agreement with Petrobras in April 2010 to supply 40 subsea trees for the Iara and Guará fields. The scope of the $300m contract includes the supply of 40 vertical subsea trees for 2,500m water depth, subsea control systems and 17 complete tool sets through 2014. The Iara field will include 26 trees.The field development partners placed Engineering, Procurement and Construction (EPC) contracts worth $3.5bn with Engevix Engenharia for eight hulls for the Floating Production, Storage and Offloading (FPSO) vessels to be used in blocks BM-S-11 and BM-S-9.Six vessels will be allocated to block BM-S-11 including Tupi, Iracema and Iara discoveries, and the rest will be dedicated to block BM-S-9, comprising of the Guará and Carioca discoveries.Related content#Stones Field, Gulf of Mexico, United States of America#Stones field is situated in Block 508 in the Walker Ridge area of the Gulf of Mexico, around 322km off the coast of New Orleans, Louisiana.#Hengam Oil and Gas Field, Persian Gulf, Iran#Hengam oil and gas field lies 70km off Iranian shores near the Hormoz Straight in the Persian Gulf.