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Petrobras Advances Most in Two Weeks on Gas, Oil Discoveries

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, gained the most in two weeks after saying it found crude and natural gas of “excellent quality” in a field off the country’s southeastern coast.

Petrobras, as the Rio de Janeiro-based company is known, rose 3.9 percent to 22.41 reais at the close of trading in Sao Paulo, the steepest one-day gain since Dec. 20. The benchmark Bovespa index climbed 2.5 percent.

The discovery was at the Tambuata well in the Golfinho field, off the coast of Espirito Santo state, according to a regulatory filing.

Finding more crude and natural gas at the site “allows the company to expand its output in the field using the infrastructure it already has in place,” Leonardo Zanfelicio and Karina Freitas, analysts at Sao Paulo-based brokerage Concordia SA, wrote in a note to clients today.

Petrobras also said in a statement on Dec. 29 that an oil and gas deposit in Brazil’s Guara area was commercially viable. The area has an estimated 2.1 billion barrels of recoverable oil equivalent, according to the statement.

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