Petrobras Sees Colombia, Brazil's Northern Coast as Exploration Priorities
By Jeffrey T. Lewis
SÃO PAULO--Petróleo Brasileiro SA, or Petrobras, said Tuesday its exploration efforts for the next five years will be focused on Brazil's northern coast and on a parcel off the Colombian coast.
State-controlled Petrobras said it plans to invest about $6 billion on exploration during the period. About $2.9 billion of that will go to efforts in the so-called Equatorial Margin off the coast of northern Brazil, which runs from the state of Amapa to the state of Rio Grande do Norte.
The company is still waiting for permission from Brazil's environmental authorities to begin exploration in the area, which could come by the end of this month, Petrobras said.
Colombia's Taryona block is another priority, Petrobras said. The company has already found natural gas at a site drilled in deep waters about 20 miles off the coast of the neighboring country. Petrobras is the operator of the block, with a 55.6% stake, in partnership with Ecopetrol, which holds the remainder.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
March 07, 2023 13:21 ET (18:21 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Q2 Stock Market Outlook: Contrarian Plays Look Increasingly Attractive
-
What’s Happening In the Markets This Week
-
What the Next Bitcoin Halving Means for ETF Investors
-
5 Undervalued Stocks to Buy After They’ve Been Dumped
-
Morningstar Market Insights: Central Banks, Inflation, and Patient Investing
-
Where to Invest In Bonds Now
-
Reddit Stock Surges in IPO
-
Why Big Bank Stocks Are No Longer Cheap
-
The 10 Best Companies to Invest in Now
-
Trump Media Is Not a Meme Stock. It’s a Cryptocurrency
-
What Investors Need to Know About GE’s Spinoff
-
Investors Can Find More Than Gold in the Mining Industry
-
An Ultracheap Stock to Buy in a Rallying Sector
-
Celsius Stock Has Soared 206%. Is It a Buy or a Sell?
-
10 Undervalued Wide-Moat Stocks
-
Investment Opportunities in US Renewable Energy