The Brazilian unit of Italy's Eni SpA (E) and mining giant Vale (VALE) reported late Thursday a third natural gas discovery at an offshore block in the Santos Basin.
The two companies notified Brazil's National Petroleum Agency, or ANP, that traces of natural gas were found at the BM-S-4 block. Eni Oil do Brasil S.A. is lead operator of the block with a 50% stake, while Vale holds the remaining 50%.
The find was made at the 3ENI8RJS well, which was drilled by the Ocean Quest rig. ANP drilling data showed a target depth of 6,080 meters for the well. The two companies previously announced natural gas discoveries at the same well earlier this month and in late July.
Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 48 hours. The disclosures are routine, and do not indicate commercial viability.