The discovery, made at the 1-BRSA-1394-RJS well, located 105 kilometers off the coast of Rio de Janeiro, signals continued potential in the prolific pre-salt formations.

Key Takeaways:

• Petrobras made a substantial hydrocarbon discovery in the pre-salt region of the Campos Basin.
• The discovery is within the Norte de Brava block, fully owned by Petrobras.
• Petrobras is allocating $77.3 billion over five years for exploration and production, with 60% dedicated to pre-salt assets.

Petrobras (PBR), Brazil's state-owned energy giant, has announced a significant hydrocarbon discovery in the pre-salt region of the Campos Basin, bolstering its deepwater exploration strategy.

The company confirmed the presence of hydrocarbons through initial assessments, including electrical logs, gas shows, and fluid sampling. Further laboratory analysis is underway to determine the reservoir's precise characteristics and potential yield. This discovery is within the Norte de Brava block, which Petrobras fully acquired in December 2022 during a national bidding round.

The Norte de Brava block is considered a key asset in Petrobras's pre-salt portfolio, managed under a production sharing regime with Pré-Sal Petróleo S.A. Petrobras holds a 100% working interest in the block, underscoring its commitment to expanding its pre-salt operations.

This discovery is part of Petrobras's larger strategic plan, which allocates $77.3 billion for exploration and production over the next five years, with 60% dedicated to pre-salt assets. The Campos Basin find reinforces Brazil's position as a major player in deepwater oil production.

The announcement follows another recent hydrocarbon discovery in the Aram block, located in the Santos Basin, further validating Petrobras’s pre-salt strategy. The company's exploration efforts extend beyond Brazil, with offshore exploration activities in Colombia, demonstrating its ambition to expand its global energy footprint.

Petrobras's latest oil find in the Campos Basin comes on the heels of another successful discovery in the Aram block, located in the Santos Basin. These consecutive finds, particularly the Aram block's 4-BRSA-1395-SPS well located 245 kilometers offshore from Santos-SP at a depth of 1,759 meters, strongly reinforce the company's effective pre-salt exploration strategy.

Petrobras, Brazil's energy giant, dominates Latin America's oil and gas sector. Headquartered in Rio de Janeiro, it's a key player in deepwater exploration, particularly in the prolific pre-salt basins. The company's strategic focus on these reserves drives its significant investments in exploration and production. Recent hydrocarbon discoveries in the Campos and Santos Basins underscore its strong position. Petrobras's operations extend beyond Brazil, with international exploration efforts, solidifying its global energy footprint. Despite market fluctuations, Petrobras remains a critical force in Brazil's economy.