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Brazil's Petrobras Completes Rights-Area Well, Makes Ceara Find

RIO DE JANEIRO--Brazilian state-run energy giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, said Friday it had completed drilling a third offshore well in one of the areas transferred to the company from the government in 2010. Petrobras said a 93-meter column of oil was discovered in the well drilled in the Sul de Guara area, south of the Sapinhoa pre-salt oil field that was declared commercial late last year. The company made a preliminary disclosure about the oil discovery in June. The reservoir tapped by the well contained high-quality light oil rated 27 degrees on the American Petroleum Institute's grading scale. The transfer-rights area is an important part of Petrobras's development of the Santos Basin pre-salt region, a cluster of oil discoveries made under a thick layer of salt more than four miles below the ocean's surface. As part of the company's 2010 share offer and capitalization, the government gave Petrobras the right to produce up to five billion barrels of crude oil from highly prospective areas close to the original pre-salt finds. The Sul de Guara well was part of the obligatory-exploration program, which should be concluded by September 2014, Petrobras said. In addition, Petrobras said late Tuesday that it discovered oil in a deep-water offshore well drilled in the Ceara Basin off Brazil's northeast coast. The Pecem well was drilled in the BM-CE-2 block, which Petrobras operates with a 60% stake. The local unit of U.K. oil major BP PLC (BP, BP.LN), BP Energy do Brasil Ltda., holds the remaining 40%. Drilling at the well will continue to a targeted depth of 5,500 meters, Petrobras said. Write to Jeff Fick at jeff.fick@dowjones.com. Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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