Late Monday, Petrobras notified Brazil's National Petroleum Agency (ANP) that traces of oil were identified during the drilling of a test well in the Campos Basin, reports Dow Jones. The find is located in the C-M-401 block, in which Petrobras retains a 100% stake.
According to Dow Jones, the Peregrine 1 drillship was drilling in the C-M-401 block at a water depth of 976.5 meters and a target depth of 3,333 meters.
Oil companies must notify the ANP of any hydrocarbon finds in an exploratory well within 72 hours, but the notification does not indicate whether the find is commercially viable.
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