Petrobras Makes Four New Discoveries

Petrobras reported that it had made four "important" new oil finds that should boost its oil reserves by about 1.4 percent.

The discoveries were made in Brazil's northeast region would eventually increase reserves by more than 130 million barrels, or 1.4 percent. Brazil's current reserves are 9.278 billion barrels.

The finds were made in four mature fields where production was thought to be declining. In these basins, with infrastructure already installed and paid off, the costs are low and the deposits are quickly developed. The finds were made in one offshore block in the Sergipe-Alagoas basin and three onshore blocks in the Espirito Santos, Reconcavo Baiano and Potiguar basins. The most significant find was in the Sergipe-Alagoas basin where a potential 80 million barrels of oil were discovered.