Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

HRT Climbs After Petrobras Finds Oil in Amazon Block: Rio Mover

Don't Miss Out —
Follow us on:

Feb. 1 (Bloomberg) -- HRT Participacoes em Petroleo SA, a Brazilian oil and natural gas exploration company, rose the most in eight weeks after Petroleo Brasileiro SA found oil near HRT’s Amazon exploration areas.

HRT, based in Rio de Janeiro, gained 8.8 percent to 4.08 reais at the close in Sao Paulo, the biggest advance since Dec. 6. It was the biggest gainer of Brazil’s four publicly-traded oil companies.

Petrobras, as Brazil’s state-controlled oil company is known, found signs of oil and gas at the SOL-T-171 block in the Solimoes Basin, the National Petroleum Agency reported on its website. Petrobras said last year it had the potential to produce good quality oil at a separate discovery in the block, which is near HRT’s properties. The basin is in the Amazon rain forest in northern Brazil.

HRT shares have slipped 14 percent this year. The company has mainly found gas instead of oil in the Solimoes. Gas is more expensive to transport and sells for less than crude. Brazil’s benchmark stock index is down 1 percent this year.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.