Petrobras to Finish Chaco Technical Reviews within 60 Days

Paraguay expects Brazil's federal energy company Petrobras (NYSE: PBR) to complete technical reviews and say whether it wants to perform E&P in the former's Chaco region within 60 days, Reuters reported.

Petrobras has begun compiling data to determine whether hydrocarbons exploration in Paraguay's Chaco region could be profitable after announcing its intention to search for hydrocarbons in July.

The Brazilian company has since held conversations with the local subsidiary of UK oil company CDS, which confirmed the presence of natural gas with a 1,600m-deep well. CDS previously called off works due to the difficulty of extraction, according to the report.

Earlier this year Petrobras purchased the downstream operations formerly held by Anglo-Dutch oil company Shell (NYSE: RDS-B), including service stations, liquefied petroleum gas (LPG) outlets and outlets for the sale of aviation fuel at Paraguayan airports.

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