Petrobras Finds Hydrocarbons in Controversial Amazon Well

Petroleo Brasileiro SA, Brazil's state-controlled oil company, has made a significant discovery in the Foz do Amazonas basin off the coast of the Amazon rainforest. The Morpho exploratory well, located about 175 kilometers (110 miles) off the coast of northern Amapá state in 2,886 meters (9,469 feet) of water, has shown signs of hydrocarbons.

Petrobras stated that a hydrocarbon-bearing interval was identified through wireline logs and rock cuttings at the well. While the company did not specify whether it found oil or natural gas, it will continue drilling and evaluating the results.