Petrobras Denies Discoveries in Acre, Minas Gerais

RIO DE JANEIRO (Dow Jones Newswires), Jun. 1, 2009

Brazilian state-run energy giant Petrobras (PBR) denied a Monday newspaper report that it was poised to announce large oil and natural gas discoveries in two inland states.

Earlier Monday, the Folha de Sao Paulo newspaper reported that the company would announce oil and gas finds in Acre and Minas Gerais states.

"There do not exist any discoveries to be announced in these areas, and Petrobras holds no exploratory blocks in Acre," Petrobras said in a statement.

Petrobras also said the company recently completed seismic studies an area in northwest Minas Gerais state. The first drilling in the area was expected to be done in 2011.

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