Petrobras, PBR on the NYSE, has annonced that it has foudn yet more light sweet oil in the Amazon. A long duration test in the Amazon has confirmed the accumulation of light oil (46 API) and natural gas in well 1-ICB-1-AM (called "affluent Chibata No. 1") in Tefé (AM), 630 km from Manaus.
According to the company, the test data indicates a well production capacity of 2.5k barrels of oil per day, "which is considered an excellent result, in the case of this kind of watershed in Brazil,". Petrobras holds 100% of royalties and production of this well.
The test was started in September and is expected to last one year.
There are six direct Brazilian ETFs that trade in North America, you can track them live here. Brazilian ETFs have soared in recent weeks, this is the performance since July:
Note: Some of these ETfs were not yet trading in July, hence, they do not show on the chart.