Petrobras, Brazil’s troubled and debt-ridden state oil firm, has made a further discovery of oil-bearing sandstone layers in the Espirito Santo Basin.
The concession, 70 miles off Brazil’s southeastern state of Espirito Santo, has yielded finds before, in October 2014 and January this year.
Petrobras, embroiled in an infamous bribes-for-inflated-contracts corruption scandal that has shamed the nation, is the world’s most indebted oil company. It has been selling off assets, cutting back budgets and reducing investment as austerity measures to make some dents in that debt.
The Espirito Santo concession in 65% owned by Petrobras with other partners being Thailand’s oil company PTTEP (20%) and Japanese firm Impex (15%).
Petrobras and its partners will analyze and evaluate the data retrieved from the appraisal well.