Petrobras' stocks at the São Paulo Stock Exchange (Bovespa) rose on Friday as the Brazilian state-owned company announced it has found a new oil field with more than 280 million barrels of recoverable oil. The new area is a light oil discovery (28 API degrees) in a post-salt deposit about 120 kilometers away from the coast of Rio de Janeiro.
The Aruanã well intersected mineralization between 2,993 mt and 3,123 mt in the bloke C-M-401, owned by Petrobras. The production at the area is due to begin shortly as the region has good infrastructure.