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Petrobras, QGEP Rise After Offshore Oil Discovery in Brazil

QGEP Participacoes, a unit of Brazilian engineering and construction company Queiroz Galvao SA, and state-controlled Petroleo Brasileiro SA rose after reporting a discovery off the coast of Brazil.

QGEP rose 80 centavos, or 5.3 percent, to 15.98 reais in Sao Paulo at 12:14 p.m., after earlier touching 16 reais, the highest since Nov. 18. Petrobras, the operator of the BM-S-8 block where the discovery was made, increased 3.1 percent to 22.08 reais.

Petrobras found “good quality” oil while drilling the Bigua well at the exploration block, the Rio de Janeiro-based producer said in a statement last night. The discovery is near the Bem-Te-Vi field, which is also located in the BM-S-8 block, Petrobras said.

Petrobras said it will start drilling a third well at the exploration block “in the coming days.” The company plans to more than double oil production in Brazil over the next decade as it develops fields in the so-called pre-salt area where the BM-S-8 block is located.

QGEP has agreed to buy a 10 percent stake in the BM-S-8 block from Royal Dutch Shell Plc. and is waiting for the country’s oil regulator to approve the transaction, QGEP said in a statement last night.

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