Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled oil company, spent $150 million on a well it had to abandon off the coast of Amapa state in the northeastern part of the country, the O Globo newspaper said, citing a person it didn’t name.
Strong currents dragged the rig away from the drilling site and Petrobras, as the Rio de Janeiro-based producer is known, stopped work on the well, O Globo said. The incident raised concerns at Brazil’s oil regulator, known as ANP, because the government plans to auction oil exploration blocks in the area next year, O Globo said.
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