Brazil Petrobras Confirms Tiber-1 Find In Gulf Of Mexico
03 September 2009 - 3:05AM
Dow Jones News
Brazilian state-run energy giant Petroleo Brasileiro (PBR)
confirmed Wednesday its participation in the Tiber-1 discovery in
the Gulf of Mexico.
Preliminary evaluation of Tiber-1 drilling showed indications of
a large-scale oil discovery, Petrobras said. The well reached a
total depth of 10,685 meters, making it the deepest well ever
drilled in the oil industry, the company added.
Announcement of the discovery boosted Petrobras' locally traded
shares throughout trading Wednesday. Petrobras' preferred shares
rose 1.9% to 32.21 ($16.99) as of 1625 GMT. The shares outpaced the
broader market as measured by the Ibovespa stocks index, which
declined 0.3%.
Petrobras' U.S. unit, Petrobras America, holds a 20% stake in
the discovery. BP PLC (BP) is operator with a 62% stake, while
ConocoPhillips (COP) has 18%.
The discovery "consolidates Petrobras' position in deepwater and
ultra-deepwater in the Gulf of Mexico's new lower tertiary
frontier, benefiting from the company's ample experience and
technological dominion developed from its operations in deepwater
and ultra-deepwater in Brazil," Petrobras said in the
statement.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com