Petrobras Spies Traces of Oil in Offshore Campos Basin

According to Brazil's National Petroleum Agency, Petrobras reported late Tuesday that it has encountered oil showings in an offshore Campos Basin well.

The ANP's data indicates that the 6BRSA721RJS well, located in the MO block offshore Brazil's coast and drilled by the Alaskan Star semisub, reached a total depth of 5,225 meters while indicating traces of oil.

In the event of any oil, natural gas or hydrocarbon find, the ANP, the country's oil and gas authority, must be notified by the operator within 48 hours. The disclosure of these finds does not, however, suggest that the prospect will be deemed commercially viable.