Petrobras Loses $150 Million on Offshore Well, O Globo Says

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.

To contact the reporter on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.