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.