Petrobras and a partner firm, Oil and Natural Gas Corp (ONGC), have found a new oil reservoir in deepwater offshore the Brazilian state of Sergipe on the country’s northeastern Atlantic coast.

The well, named Poco Verde 4, is part of the exploratory project in the Sergipe-Alagoas Basin and it was drilled down to 5,350 metres in waters 2,479 metres deep.

It’s a welcome bright spot of news for Petrobras, Brazil’s state-run oil producer, which has for many months been embroiled in a massive corruption scandal involving bribery, contract rigging, price fixing and political kickbacks.

Petrobras, which is the consortium operator (with a 75% stake), in partnership with ONGC (25%) of India, said drilling began there on April 6 and another test will be needed to confirm the conditions and establish the well’s potential.

Source: Splash 247