Petroleo Brasilerio, also known as Petrobras (PBR), found light crude in reserves situated in the Campos Basin off the coast of the state of Rio de Janeiro. The discovery was made by drilling well 1-BRSA-713-RJS (1-RJS-661) in Exploratory Concession BM-C-36 (block C-M-401). This block is exclusively operated by Petrobras.

Preliminary analysis indicates that the Campos Basin has recoverable volumes of 280 million barrels of light oil. Geologically similar reservoirs had already been identified in the Santos Basin by drilling two wells in the Marlin Sul field. These discoveries are a result of the efforts and the modern technology that the company has been using in other production areas. 

Petrobras’ expertise in deepwater oil and gas exploration and production (E&P) is reflected in its outstanding production growth track record in the past as well as the production and reserves growth prospects in the future after significant discoveries in recent years.

Over the past several years, a strong pricing environment has allowed Petrobras to implement various strategic initiatives aimed at ensuring its long-term growth in production and reserves.

Additionally, significant discoveries further strengthen Petrobras’ position in the global oil and gas industry. We have an Outperform rating for Petrobras, supported by its leadership position in the Brazilian domestic energy market and recognized expertise in offshore E&P.
Read the full analyst report on “PBR”
Zacks Investment Research

Last 5 posts by Zacks Market Commentaries

• VIP Falls Behind Expectations - Analyst Blog - November 25th, 2009
• J. Crew Beats Zacks Estimates - Analyst Blog - November 25th, 2009
• No Change in Deere's Outlook - Analyst Blog - November 25th, 2009
• Sprint Acquires Virgin Mobile USA - Analyst Blog - November 25th, 2009
• Provenge Action Date Assigned - Analyst Blog - November 25th, 2009