Brazil’s Petrobras: Latest Subsalt Oil Find Opens New Frontier
From Fox Business
Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said late Monday that a new subsalt oil discovery opens a new exploration frontier in the Santos Basin, where billions of barrels of crude have already been discovered.
The first well drilled in the offshore BM-S050 block, dubbed Sagitario, was found to contain high-quality oil, Petrobras said. Petrobras operates the block with a 60% stake. The local unit of BG Group PLC (BG.LN) holds 20%, while Repsol Sinopec Brasil retains the remaining 20%.
The discovery is significant because it was made to the west of the cluster of oil discoveries made deep under a thick layer of salt off Brazil’s Atlantic Ocean coast in the mid-2000s.
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