Petrobras to Declare Tupi Commerciality by Year-End

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, said it is on target to declare the commerciality of its Tupi field by Dec. 31 after finding more signs of oil at a new well.

Petrobras said a well drilled in the southern portion of the Tupi area found signs of light oil and gas and “reduces uncertainties” about the amount of reserves, the company based in Rio de Janeiro said today in a statement. The Tupi field is estimated to hold as much as 8 billion barrels of oil reserves.