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FINWIRES

Petrobras Makes New Hydrocarbon Discovery in Campos Basin

-- Brazil's state-run energy firm Petrobras (PBR) said on Monday it had discovered hydrocarbons in the pre-salt layer of the Campos Basin.

The discovery was made in an exploratory well drilled in Block CM-477, about 201 kilometers offshore Rio de Janeiro, at a water depth of nearly 3,000 meters.

The well, identified as 1-BRSA-1404DC-RJS, confirmed the presence of hydrocarbons through electrical logs, gas shows, and fluid sampling, the energy firm said in a statement.

Petrobras said further laboratory analysis of the collected samples will determine the characteristics of the reservoirs and fluids, helping the company assess the commercial viability of the find.

The company operates block CM-477 with a 70% stake, alongside BP (BP), which holds the remaining 30%.

The block was awarded under Brazil's 16th bidding round, organized by the National Agency of Petroleum, Natural Gas and Biofuels under a concession regime.

Petrobras said the discovery aligns with its strategy to replenish oil and gas reserves through exploration in frontier areas, while ensuring energy supply during the broader energy transition.

Price: $46.80, Change: $+0.36, Percent Change: +0.76%

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