Brazil's Petrobras finds 'high-quality' oil in Campos Basin pre-salt

Petrobras announced a new discovery of 'high-quality' oil in the pre-salt area of the Campos Basin. The find is a positive for the company's upstream portfolio and could aid reserves replacement and future production, likely offering modest support to the stock and Brazilian oil-sector sentiment. No volumes, flow rates or capex guidance were disclosed.

Analysis

Petrobras announced a new discovery of 'high-quality' oil in the pre-salt area of the Campos Basin. The find is a positive for the company's upstream portfolio and could aid reserves replacement and future production, likely offering modest support to the stock and Brazilian oil-sector sentiment. No volumes, flow rates or capex guidance were disclosed.