ADVFN - Advanced Financial Network.
HOME» NYSE » P » PBR Stock Price » PBR Stock News

Petroleo Brasileiro Share News

 Petroleo Brasileiro S.a. Stock Price
PBR Stock Price
 Petroleo Brasileiro S.a. Stock Chart
PBR Stock Chart
 Petroleo Brasileiro S.a. Stock News
PBR Stock News
 Petroleo Brasileiro S.a. Company Information
PBR Company Information
 Petroleo Brasileiro S.a. Stock Trades
PBR Stock Trades

Exxon Mobil: To Relinquish Block In Brazil's Oil-Rich Santos Basin

By Angel Gonzalez Of DOW JONES NEWSWIRES HOUSTON -(Dow Jones)- Exxon Mobil Corp. (XOM) said Friday it is abandoning its only exploration effort in the Santos Basin, epicenter of Brazil's offshore oil boom. Texas-based Exxon and its partners Hess Corp. (HES) and Petroleo Brasileiro S.A. (PBR) "have agreed to relinquish" the BS-M-22 block in Brazil's Santos Basin, spokesman Pat McGinn told Dow Jones Newswires. The block was Exxon's only asset in a basin that is home to some of the largest oil discoveries in recent memory. Exxon, which is celebrating 100 years in the South American country this year, "will continue to look for new business opportunities in Brazil," McGinn said. McGinn said the local regulator, Agencia Nacional do Petroleo, or ANP, was notified in the first week of April. The BS-M-22 block, located in the thick of Brazil's burgeoning offshore oil activity, proved a hard nut to crack for Exxon and its partners, underscoring the difficulty of developing Brazil's massive offshore reserves, most of which lie beneath deeply buried, thick layers of salt. Two wells drilled there, Azulao-1 and Sabia-1, struck oil, but another well, dubbed Guarani, turned out to be dry. A typical deep-water well in the area can cost tens of millions of dollars, and Deutsche Bank once estimated that the Guarani well cost about $150 million. Last October, Exxon and its partners had sought to bring in a new partner into the block to share the risk of drilling a new well there, offering a 25% stake. A brochure for the stake said that the prospect was estimated to contain up to 1.5 billion barrels of recoverable oil. Block BM-S-22 is located about 350 kilometers south of Rio de Janeiro. Exxon, the world's largest publicly traded oil company, has a 40% interest in the block. Hess has 40% and Petrobras 20%. Exxon is the block's operator. -By Angel Gonzalez, Dow Jones Newswires; 713-547-9214; angel.gonzalez@dowjones.com

Stock News for Petroleo Brasileiro (PBR)
DateTimeHeadline
07/24/201522:27:16Brazilian Prosecutors File Charges Against Odebrecht Chief, Others...
07/24/201519:41:46Brazilian Prosecutors File Charges Against Odebrecht Chief, Others
07/24/201513:10:08Brazilian Prosecutors to File Charges Against Odebrecht Chief
07/22/201521:10:31Swiss Authorities Open Investigation Into Brazil's Odebrecht
07/22/201519:45:14ADRs End Lower; National Bank of Greece, Petrobras Trade Actively
07/22/201519:22:44Swiss Authorities Open Investigation Into Brazil's Odebrecht
07/21/201517:15:15Brazilian Stocks Fall, Currency Strengthens
07/21/201505:34:08Dof Gets Vessel Contracts Worth NOK575 Million
07/20/201518:10:07Former Construction Executives Sentenced in Petrobras Case
07/17/201515:00:20Brazil's House Speaker Splits With Government
07/14/201511:40:11Brazil Police Seize Documents From Politicians in Petrobras Probe
07/02/201508:50:04Brazil Federal Police Arrest Another Former Petrobras Executive
07/01/201519:30:38Former Petrobras Executive Seeking Plea Deal With Prosecutors
06/29/201519:45:34Petrobras Rules Out Issuing New Shares
06/29/201517:51:48ADRs End Lower; National Bank of Greece Drops Sharply
06/29/201511:00:08Brazil's President Seeks Investment During U.S. Visit
06/29/201510:49:47Brazil's President Seeks Investment During U.S. Visit
06/29/201509:50:07Brazil's Petrobras Slashes 5-Year Investment Budget
06/29/201504:21:16Sevan Marine Investigates as Ex-Employee Named in Corruption...
06/25/201515:59:05Pemex in Talks With Union Over Pension, Labor Reforms

Petroleo Brasileiro and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad