Market Watch - 7/12/2011
SAO PAULO–Brazil’s state-run oil company Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), or Petrobras, said Wednesday it discovered oil at an exploration block in the Espirito Santo offshore basin.
Petrobras said it struck low-quality heavy crude of around 15-degree API, in its ES-M-661 block, about 60 kilometers east of the city of Vitoria, capital of the southeastern Brazilian state of Espirito Santo.
Petrobras owns 70% of the exploration block, with IBV Brasil owning the remaining 30%, Petrobras said in an emailed statement.
