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