Yahoo Finance Petrobras (PBR) Identifies Hydrocarbons in Aram Block Well
Petrobras (PBR), the state-owned oil and gas company of Brazil, claimed to have discovered the presence of hydrocarbons in the Santos Basin pre-salt, in an appraisal well in the Aram block. The well is located at a water depth of 1,979 meters, 260 km from the city of Santos-SP.
According to Petrobras, the well is currently being drilled and the oil-bearing interval was verified using wireline logging and fluid samples, which will be later characterized through laboratory analysis. The data obtained is likely to help assess and lead the potential next exploratory efforts in the region.
PBR reported that the consortium will continue drilling the well to the anticipated depth and determine the conditions of the discovered reservoirs. The Aram block comprises a significant asset for exploring the remaining pre-salt potential, notably in the Santos basin.
Additionally, the well delivered a fluid of exceptional quality, confirming minimal contamination levels. This revelation increases the likelihood of extending the accumulation found in this block by the leading well.
The Aram block was acquired in March 2020, during the sixth bidding round of the National Agency of Petroleum, Natural Gas and Biofuels, with Pré-Sal Petróleo SA serving as manager. PBR is the operator of the block and holds a whopping 80% stake. CNPC owns the remaining 20%.
Zacks Rank & Key Picks
Currently, Petrobras carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Sunoco LP SUN, Murphy USA Inc. MUSA and Dril-Quip, Inc. DRIP. While Sunoco sports a Zacks Rank #1 (Strong Buy), both Murphy USA and Dril-Quip carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1Rank stocks here.
Sunoco, which supplies motor fuel to approximately 10,000 convenience stores, has a stable business model with sustainable and predictable cash flows. SUN has witnessed an upward earnings estimate revision in the past 30 days.
Murphy USA, a leading retailer of gasoline, operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. MUSA has more than 1,700 stores and witnessed an upward earnings estimate revision for 2024 in the past seven days.
Dril-Quip is a leading provider of highly engineered equipment, service and innovative technologies that are being employed in the energy sector. DRIP’s balance sheet has zero debt, highlighting a sound financial position.
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Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report
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