Petrobras Confirms Another Offshore Find (PBR, STO, SHI)

Brazilian energy company Petrobra, formally Petroleo Brasileiro SA (NYSE: PBR) has confirmed the discovery of an accumulation of hydrocarbons in the offshore southern Campos Basin. The discovery is about 120 miles offshore in the pre-salt layer underneath about 9,200 feet of water.

The operator of the field is Repsol Sinopec, a joint venture between Spain’s Repsol YPF AS and China’s Sinopec Shanghai Petrochemical Co. Ltd. (NYSE: SHI), which owns 35% of the field. Norway’s Statoil ASA (NYSE: STO) also owns 35% of the field and Petrobras owns the remaining 30%.

Petrobras did not release an estimated size for the new discovery.