Petrobras confirms extension of Jupiter oil discovery

Petrobras (PBR -3.3%) says a fourth well drilled in the Jupiter area offshore Brazil indicates the existence of a subsalt oil discovery.

The well is located ~185 miles off the coast of Rio de Janeiro, beneath 2,183 meters of water; drilling will continue until the well reaches a total depth of 5,700 m.

PBR is operator of the block with an 80% interest, while a group owned by Portugal's Galp Energia (OTC:GLPEF) and China's Sinopec (NYSE:SNP) holds the remaining 20%.

PBR shares have been sharply lower since news of the death of Brazilian presidential candidate Campos.

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Comments (5)
  • ChiefEngineer
    , contributor
    Comments (135) | Send Message
    The Brazilian Coveredment has one the World's most extreme "brown thumbs"; everything it does or touches turns to you know what.
    13 Aug 2014, 02:45 PM Reply Like
  • zerosum2
    , contributor
    Comments (99) | Send Message
    Discover more oil probably is less meaningful for PBR, a pro-business government matters more. Thats why today's death of 3rd place runner Eduardo Campos caused such big swing in stock prices. A change of perception but really no changes of business for PBR.
    13 Aug 2014, 02:58 PM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (1466) | Send Message
    The third place runner was also a socialist cut from the same cloth as the President he was going to run against. The pro business guy is alive last I knew.
    13 Aug 2014, 03:17 PM Reply Like
  • Bogie 1
    , contributor
    Comments (145) | Send Message
    Capt: just wait. Theirs still a little time before the election.LOL
    13 Aug 2014, 09:08 PM Reply Like
  • delano59
    , contributor
    Comments (203) | Send Message
    It's a great pre/under salt discovery and a 1 billion $ per year addition to the top line and will produce about 30,000 barrels of oil per day.
    Read "TheOrigin Of Mountains" - Delano Amazon books for an analysis.
    14 Aug 2014, 07:55 PM Reply Like
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