Petrobras announces gas find in southeast Peru

Sao Paulo, Agency
Brazilian state-controlled energy giant Petrobras on Friday announced the discovery of gas reserves at a lot near the giant Camisea gas field in southeastern Peru.

The company said in a brief statement that it made the find - its second in Lot 58, which is 100 percent owned by Petrobras' Peruvian subsidiary - after drilling a 4,400-meter (14,425-foot) well.

Based on preliminary estimates, Petrobras' two exploratory wells in Lot 58 hold potential gas volume of 48 billion cubic meters (1.7 trillion cubic feet).

Petrobras, which operates in 28 countries on five continents, is the world's fourth-largest company by market capitalization after carrying out a massive share offering in late September.

Brazil's largest company and one of the world's fastest-growing oil firms, Petrobras produces an average of 2.5 million barrels per day of oil and natural gas equivalent at its domestic and foreign fields.