Petrobras Opens ‘Exploration Frontier’ in North Brazil

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, said it opened a “new exploration frontier” off the country’s northern coast after finding signs of light oil at a deepwater well.

Petrobras found “large accumulations” of oil in its Barra well in the Sergipe-Alagoas Basin, the Rio de Janeiro-based company said in a regulatory filing today. The discovery at a depth of 2,341 meters (7,680 feet) of water has larger volumes of oil than the Guaricema and Dourado fields in shallower waters of the same basin, Petrobras said.