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
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.