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Petrobras finds first oil in Potiguar Basin off northeast coast

Reuters - UK Focus

SAO PAULO, Dec 17 (Reuters) - Brazil's state-run oil company Petrobras (Berlin: PJXC.BE - news) said on Tuesday it had made its first petroleum discovery in the Potiguar Basin, according to a securities filing.

The discovery came in the well known as Pitu, about 55 kilometers (34 miles) off the coast of the northeastern state of Rio Grande do Norte, said the company, which is listed as Petroleo Brasileiro SA. Lab tests will evaluate the quality of the oil.

The area will be farmed out with the approval of oil regulator ANP (KOSDAQ: 121600.KQ - news) to a consortium in which Petrobras and BP have 40 percent stakes and a unit of Galp Energia has a 20 percent stake.