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Petrobras Finds “Good Quality,” Light-grade Crude at Franco SW Prospect
Sep. 19, 2012 04:31PM PST
Oil and Gas InvestingReuters reported that Brazil-based Petroleo Brasileiro SA (NYSE:PBR), also known as Petrobras, said that its deepwater oil field south of Rio de Janeiro contains “good quality” crude that is a relatively light grade, meaning that it will be cheaper to refine than oil at Petrobras’ other Brazilian operations.
Reuters reported that Brazil-based Petroleo Brasileiro SA (NYSE:PBR), also known as Petrobras, said that its deepwater oil field south of Rio de Janeiro contains “good quality” crude that is a relatively light grade, meaning that it will be cheaper to refine than oil at Petrobras’ other Brazilian operations.
As quoted in the market news:
Petrobras said it had verified a 438-meter (1,437-foot) column of hydrocarbons in a prospect known as “Franco SW” in the Santos offshore basin about 210 kilometers south of Rio de Janeiro, according to a securities filing.
Franco SW was drilled 17 kilometers to the south of the “Franco” prospect, at a depth of 2,024 meters beneath the ocean’s surface.