Petrobras Peru Gas Find May Double Foreign Reserves
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Petroleo Brasileiro SA said a discovery in Peru may hold 1.7 trillion cubic feet of recoverable natural gas, enough to more than double the company’s foreign reserves of the fuel.
Petrobras, as Brazil’s state-controlled company is known, discovered gas in the Picha 2X well in Block 58 in Peru’s Cuzco department, according to a regulatory filing today. Gas was found in a previous well, Urubamba 1X, in 2009, Petrobras said.