By Jeffrey T. Lewis

 

SAO PAULO--Brazilian oil company Petroleo Brasileiro SA, or Petrobras, said Tuesday it has detected the presence of oil in an exploratory well in its Southwest Tartaruga Verde block in the Campos basin.

The well, informally named Natator, is located about 80 miles off the coast of the city of Macae under 3500 feet of water, Petrobras said. Information from the well is being analyzed to guide further exploration.

The Southwest Tartaruga Verde block, which is 100% owned by Petrobras, is one of the company's blocks in Brazil's rich pre-salt area. Petrobras has been ramping up production from the deep waters of the pre-salt for about 10 years, while selling off or shutting down production in older, less productive areas onshore and offshore.

The company hit a production record of 3.025 million barrels of oil equivalent per day in the fourth quarter, but has cut output in recent weeks by 200,000 barrels per day amid weak global demand because of the economic slowdown caused by the spread of the coronavirus.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

April 07, 2020 09:42 ET (13:42 GMT)

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