RIO DE JANEIRO (Dow Jones)--Brazilian state-run energy company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said Thursday that it had discovered oil in the Campos Basin off the country's coast.
Petrobras said that the 4-PM-53 well found oil in shallow waters about 6 kilometers from the Pampo field, where the company currently produces oil. Recoverable reserves from the well were estimated at 25 million barrels.
The discovery's location near the Pampo and Bicudo fields will allow the company to accelerate development of the new find, using existing infrastructure.
Tests indicated an initial production capacity for 3,000 barrels a day, and production is expected to start later this year. The well will be connected to the PPM-1 platform at Pampo or the P-7 platform at Bicudo, Petrobras said.
Oil at the well was rated at 20 degrees on the American Petroleum Institute's rating scale.
"The discovery is the fruit of an exploration strategy to intensify work near existing fields in production, with an eye toward utilizing existing infrastructure to reduce production costs and accelerate production of new oil volumes," Petrobras said in a filing with stock regulators.
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