Petrobras Notifies ANP of Oil Traces in Offshore BS-500 Block

According to the National Petroleum Agency (ANP), Petrobras identified late Monday traces of oil in an offshore well located off the coast of Brazil in the promising Santos Basin.

Drilled by the Peregrine 1 drillship to a total depth of 4,163 meters, the 5BRSA744RJS well is situated in the offshore BS-500 block of the Santos Basin and has indicated evidence of oil.

Oil companies operating in Brazil must disclose any oil, gas or hydrocarbon find to the oil and gas regulator within 48 hours; however, the notification does not necessarily mean that the find will be commercially viable.