Petrobras, BP Make New Discovery in Campos Basin

Petróleo Brasileiro SA (Petrobras) has declared a new hydrocarbon discovery in the Campos Basin offshore Brazil under a license co-owned with BP PLC.

Well 1-BRSA-1404DC-RJS was drilled in Sector SC-AP4 in Campos' pre-salt layer. The discovery well sits 201 kilometers (124.9 miles) off the coast of Rio de Janeiro state in waters 2,984 meters (9790.03 feet) deep, state-controlled Petrobras said in an online statement.

The discovery is part of block C-M-477, which Petrobras operates with a 70 percent stake. Britian's BP owns 30 percent.

"The hydrocarbon-bearing interval was identified through electric logs, gas shows and fluid sampling", Petrobras said. "The samples will subsequently be sent for laboratory analysis, which will allow the characterization of the reservoir conditions and the fluids found, enabling the continuation of the evaluation of the area’s potential".

"Petrobras' operations in block C-M-477, in the Campos Basin, are aligned with the company's strategy to replenish oil and gas reserves through activities in frontier exploratory areas, in partnership with other companies, ensuring the supply of national energy demand during the energy transition", Petrobras added.

Petrobras has announced at least two discoveries in the Campos Basin this year. An earlier success was made in the Marlim Sul field, 100 percent owned by Petrobras.

The Marlim Sul discovery, well 3-BRSA-1397-RJS, is 113 kilometers from shore in the municipality of Campos dos Goytacazes. The water depth is 1,178 meters, Petrobras said in a press release March 26, without providing any estimate for the discovery.

Hydrocarbons had already been proven in Marlim Sul in 1987 through well 4-RJS-382, Petrobras said.

As of yearend 2025 Petrobras had 12.1 billion barrels of oil equivalent (Bboe) in proven reserves, with oil and condensate accounting for 84 percent, the company reported January 28, 2026. Last year added 1.7 Bboe, Petrobras said.

"The reserve replacement rate was 175 percent, even after a record annual production in 2025. The proved reserves-to-production ratio is 12.5 years", Petrobras said.

"The reserves addition occurred mainly due to the outstanding performance of the assets, with emphasis on Búzios, Tupi, Itapu and Mero fields in Santos Basin, to the progress in the development of Budião, Budião Noroeste and Budião Sudeste fields in the deep waters of Sergipe-Alagoas Basin, and to new wells mainly in Búzios, Tupi, Marlim Sul and Jubarte fields in Santos and Campos basins".

"Considering the expected production for the coming years, it is essential to continue investing in maximizing the recovery factor of already discovered assets, exploring new frontiers and diversifying the exploratory portfolio in Brazil and abroad to replace oil and gas reserves", it added.

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