Petroleo Brasileiro SA, found traces of oil and gas in an offshore well in the Espirito Santo Basin.
Petrobras, as the Rio de Janeiro-based company is known, registered signs of oil and gas in the offshore PER block, according to Brazil's National Petroleum Agency. Petrobras also found more oil in a second onshore well in the ES- T-364 block in Espirito Santo state.
Petrobras has not determined if the wells can be developed economically.
Source: Bloomberg