Petroleo Brasileiro S.A. or Petrobras (PBR Quick QuotePBR - Free Report) recently concluded the formation test in the pre-salt exploration area of Jupiter oilfield at the Santos Basin.

The outcomes of the same ascertain the high productive capacity of the well, which comprises condensed oil of top-class quality with elevated flow rates, thereby strengthening the prospects of the region. Management at this state-run energy giant also informed that Jupiter has high levels of carbon dioxide and high gas-oil ratio, which improve the pressure of the field and the amount of oil it can produce per day.

Petrobras plans to use Jupiter for testing new technology that splits carbon dioxide at the foot of the ocean and reinjects it into the rocks. The company is looking forward to launch the high pressure separation technology known as HISEP in 2024. This will be used to carry out long-term tests.

The Jupiter area was acquired in 2001 and belongs to the BM-S-24 concession. Petrobras is an 80% partner in the consortium working toward the development of the area along with Petrogal Brasil that holds the remaining 20% stake. Petrobras also acts as the operator of the wells.

Company Profile

Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The operations also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons apart from other energy-related operations.

Zacks Rank & Key Picks

Petrobras currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Murphy USA Inc. (MUSA Quick QuoteMUSA - Free Report) , CNOOC Limited (CEO Quick QuoteCEO - Free Report) and SilverBow Resources Inc. (SBOW Quick QuoteSBOW - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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