Petrobras Reports Piracuca Discovery


Brazilian state-run energy company Petroleo Brasileiro S/A (PBR, PETR4.BR) notified the country's National Petroleum Agency, or ANP, late Friday that a well in the Santos basin's Piracuca field tested positive for oil.

The discovery was made in the 4BRSA781SPS well in the offshore BM-S-7 block. In April 2009, Petrobras, as the company is also known, and Spain's Repsol YPF SA (REP, REP.MC) declared Piracuca commercially viable, estimating it held recoverable reserves of about 550 million barrels of oil equivalent.

Petrobras holds a 63% stake in the block, while Repsol holds 37%.

The well was spudded by the Pride South Atlantic rig to a total depth of 5,175 meters, ANP drilling data showed.

Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 48 hours. The disclosures are routine, and do not indicate commercial viability.

Copyright (c) 2010 Dow Jones & Company, Inc.

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