Brazil Petrobras CEO: No Estimates Yet For Latest Oil Finds

It’s still too early to make estimates on the size of the latest offshore oil discoveries made by Brazilian oil giant Petrobras, the company’s CEO said Thursday.

Petrobras announced Tuesday it had discovered traces of oil at the Iguacu prospect, the third successful wildcat well in the Santos Basin’s BM-S-9 block. Petrobras is lead operator in the block with a 45% stake, while BG Group PLC (BG.LN) holds 30% and Repsol YPF SA (REP) 25%.

“We don’t yet have the conditions to make an estimate. We’ll need to drill one more well, at least,” Petrobras CEO Jose Sergio Gabrielli said. Gabrielli made the comments on the sidelines of the World Economic Forum.
WSJ