STXNEWS LATAM-Petrobras, partner find oil in Brazil's Potiguar offshore basin
Brazilian state-controlled oil producer Petróleo Brasileiro SA and partner Petrogal Brasil SA found oil in an offshore well located in northeastern Brazil, according to a securities filing on Wednesday. The well, known as Pitu, is located 55 kilometers (34.4 miles) off the coast of Brazil's Rio Grande do Norte state, at a depth of about 1,731 meters, the filing said.
Both companies will continue to explore the area and plan to present a development program to ANP, Brazil's oil and energy industry watchdog, the filing added.
Petrobras, as the company is known, currently controls 80 percent of the venture, with Petrogal controlling the remaining stake. Under terms of a farm-out contract that is pending regulatory approval, Petrobras will sell half of its stake, or 40 percent, to BP Plc's Brazilian unit.
- Tweet this
- Share this
- Digg this
- U.S. nurse defies Ebola quarantine with bike ride; negotiations fail
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- PM Modi boots officials out of the first class cabin
- Govt considers ban on e-cigarettes, sale of single smokes