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Petrobras Finds Hydrocarbons in C-M-657 Block of Campos Basin

Zacks Equity Research
·2 min read

Petroleo Brasileiro S.A. or Petrobras PBR has made hydrocarbon discovery at the Naru well in C-M-657 block in the pre-salt Campos Basin. This exploration well, formally known as 1-BRSA-1376D-RJS, is situated roughly 308 kilometers from the city of Rio de Janeiro at a water depth of 2,892meters. Management informed that the drilling activity found traces of hydrocarbons in carbonate reservoirs in the pre-salt section. The company will further examine the well data to evaluate its prospects and determine the exploratory activities in the area.

C-M-657 block was acquired in March 2018 during National Agency of Petroleum’s 15th concession round.Petrobras is the chief operator of the block with 30% interest along with ExxonMobil XOM and Equinor EQNR with 40% and 30% stake, respectively.

Company Profile

Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The operations also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons apart from additional energy-related operations.

Petrobras’ Exploration and Production segment, which makes up 39% of Petrobras' total sales, includes the company’s domestic E&P operations, mostly located in the offshore Campos Basin — Brazil's largest oil region — and is one of the most prolific oil and gas areas in South America.

Zacks Rank & Key Picks

Petrobras currently carries a Zacks Rank #3 (Hold). A better-ranked player in the energy space is Murphy USA Inc. MUSA presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Exxon Mobil Corporation (XOM) : Free Stock Analysis Report
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