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Petrobras (PBR) Unearths New Pre-Salt Oil in Campos Basin

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Headquartered in Rio de Janeiro, the Brazilian government-owned oil giant, Petrobras PBR, declared that it found a new oil accumulation in the southern part of the Campos Basin. The oil accumulation was discovered in a wildcat well in the Alto de Cabo Frio Central block, at a distance of about 140 miles from Rio de Janeiro, the water depth of which is 1,833 meters.

The company stated that the oil-bearing interval was tested by means of loggings and the samples of oil would be later characterized by a further laboratory examination. However, the drilling of the well will continue to the final depth, which was initially intended to gauge the measurements of the new accumulation and characterize the quality of fluids and reservoirs found.

Petrobras took over the Alto de Cabo Frio Central block in October 2017 in the third bidding round of the National Agency for Petroleum, Natural Gas and Biofuels (ANP), under the production sharing regime, with Pré-Sal Petróleo S.A. as the manager. PBR, which is the operator of the block, owns a 50% stake and the remaining 50% is held by its partner BP plc BP.

Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. Its activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks, and refining, processing, trading and transportation.

BP plc is engaged in the global energy business with operations in Europe, North and South America, Australasia, Asia and Africa. The company delivers heat, light and mobility products and services to customers globally. Its segments include Upstream, Downstream, Rosneft and Other businesses and corporate.

Petrobras currently sports a Zacks Rank #1 (Strong Buy). Other similar-ranked stocks from the energy space that warrant a look include Ranger Oil ROCC and Devon Energy DVN. You can see the complete list of today’s Zacks #1 Rank stocks here.

Ranger Oil’s stock has increased 150.9% in a year. The Zacks Consensus Estimate for Ranger Oil’s 2022 earnings is projected at $10.42 per share, which is an increase of 90.1% from the projected year-ago earnings of $5.48.

ROCC beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 27.3%.

Devon Energy is valued at around $39 billion. The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $6.80 per share, up about 92.6% from the projected year-ago earnings of $3.53.

Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 18.5%. DVN stock has rallied 173.4% in a year.


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