Brazilian state-run energy
giant Petroleo Brasileiro S.A (PBR, PETR4.BR), or Petrobras, said Friday that a
well in the municipality of Tefe, in the Upper Amazon region, has tested
positive for light oil and natural gas.
"The 3,485-meter well was drilled in the SolimoesBasin,
in Block SOL-T-171, for which Petrobras owns the exploration and production
rights," Petrobras said in a statement. "Thus far, the EWT (Extended Well
Test) data indicate that the well is capable of producing 2,500 barrels of oil
per day, an excellent result when dealing with this type of basin in Brazil."
The statement added, "This exploratory success is the outcome of the
resumption of exploratory investments, made from 2005, in the onshore
basins in the Amazon, as foreseen under the company's strategic plan, which
directs efforts to new frontiers where Petrobras' knowledge, technology, and
operating experience afford it a competitive advantage."