Petrobras Confirms Another Offshore Find (PBR, STO, SHI)
Brazilian energy company Petrobra, formally Petroleo Brasileiro SA (NYSE: PBR) has confirmed the discovery of an accumulation of hydrocarbons in the offshore southern Campos Basin. The discovery is about 120 miles offshore in the pre-salt layer underneath about 9,200 feet…
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Brazilian energy company Petrobra, formally Petroleo Brasileiro SA (NYSE: PBR) has confirmed the discovery of an accumulation of hydrocarbons in the offshore southern Campos Basin. The discovery is about 120 miles offshore in the pre-salt layer underneath about 9,200 feet of water.
The operator of the field is Repsol Sinopec, a joint venture between Spain’s Repsol YPF AS and China’s Sinopec Shanghai Petrochemical Co. Ltd. (NYSE: SHI), which owns 35% of the field. Norway’s Statoil ASA (NYSE: STO) also owns 35% of the field and Petrobras owns the remaining 30%.
Petrobras did not release an estimated size for the new discovery.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.