Petrobras finds new signs of onshore oil in Espirito Santo basin

Monday, December 27, 2010

Brazilian state-run energy company Petrobras (NYSE: PBR) has discovered new signs of oil in an onshore well in the Espirito Santo basin, hydrocarbons and biofuels regulator ANP reported.

The discovery was made at the Lagoa Bonita field at well 3BRSA881DES.

Petrobras is using the Drillfor-8 rig on the well, which is due to be drilled to a final depth of 2,200m, according to a separate ANP filing.

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Last week, Petrobras reported two new oil and natural gas discoveries onshore Brazil's Potiguar basin.

The first discovery was made on block BT-POT-8 at well 3BRSA859DRN. The second find was made on nearby block BT-POT-9 at well 3BRSA893RN.

Companies are obligated to inform ANP of any potential oil discoveries. The routine notifications are not an indication of potential reserves or if commerciality could ever be declared.