Brazil's Petrobras makes new oil discovery off the coast of Amapa

By Reuters News

SAO PAULO/RIO DE JANEIRO, Oct 2 (Reuters) - Brazilian state-run oil company Petrobras PETR3.SA said on Friday it had made a new oil discovery in ultra-deep waters off Amapa state, an area known as equatorial margin that it considers its most promising new oil frontier.

According to a securities filing, an oil-bearing interval was found in the Morpho well, marking a new discovery in block FZA-M-59, where it had already identified hydrocarbons in August.

  • The oil found in August was of good quality, the firm said

  • Petrobras CEO Magda Chambriard said last week that drilling of the first well in the region, also known as Foz do Amazonas, was expected to conclude in the coming days

  • Petrobras recenty announced it will drill three new wells in the area starting in January to determine wether commercial production in the environmentally-sensitive region is viable

  • Foz do Amazonas shares geological similarities with offshore Guyana, where ExxonMobil XOM.N is developing huge fields

  • Chambriard will hold a press conference later on Friday to detail the oil discovery, according to Petrobras

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