Petrobras Finds Oil in Exploratory Well in Tartaruga Verde Block
April 07 2020 - 9:57AM
Dow Jones News
By Jeffrey T. Lewis
SAO PAULO--Brazilian oil company Petroleo Brasileiro SA, or
Petrobras, said Tuesday it has detected the presence of oil in an
exploratory well in its Southwest Tartaruga Verde block in the
Campos basin.
The well, informally named Natator, is located about 80 miles
off the coast of the city of Macae under 3500 feet of water,
Petrobras said. Information from the well is being analyzed to
guide further exploration.
The Southwest Tartaruga Verde block, which is 100% owned by
Petrobras, is one of the company's blocks in Brazil's rich pre-salt
area. Petrobras has been ramping up production from the deep waters
of the pre-salt for about 10 years, while selling off or shutting
down production in older, less productive areas onshore and
offshore.
The company hit a production record of 3.025 million barrels of
oil equivalent per day in the fourth quarter, but has cut output in
recent weeks by 200,000 barrels per day amid weak global demand
because of the economic slowdown caused by the spread of the
coronavirus.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
April 07, 2020 09:42 ET (13:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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