Petrobras and BP have hit oil in a deepwater well in the offshore Ceará basin, northeast of Brazil, the state-owned oil giant announced on Thursday.
Both firms struck oil in the BM-CE-2 concession in the Ceará basin, in the Paracuru formation 76 km off the coast near Fortaleza, Brazil.
The find was made at water depths of 2.129m, after signs of hydrocarbons during drilling operations conducted by Diamond Offshore Inc. The well’s current depth is of 4.410m and exploration will continue until 5.500m.
The Brazilian firm found a 290m long hydrocarbon column in the well, commonly known as Pecem, with 140 meters of reservoirs, it said.
Petrobras holds a 60 per cent stake in the concession, and BP the remaining 40 per cent, the Brazilian company said in a press release.
The find is one of the first off Brazil's northeast coast and was driven by geological theories that the country was once connected to West Africa. Brazil’s subsalt layers are therefore similar to those in oil rich Angola, experts say.
The potential connection has driven oil firms to apply the technological model used in the latter over to the other side of the Atlantic.