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Petrobras' (PBR) Uchuva-2 Well Confirms Major Gas Discovery
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Petrobras S.A. (PBR - Free Report) , a Brazilian state-owned energy company, has recently confirmed the extent of a natural gas discovery (made in 2022) in the deep waters of Colombia. The Uchuva-2 well, spudded in June 2024, was aimed at confirming the size of the gas discovery that was initially identified with the Uchuva-1 well. The Uchuva-2 well is located 19 miles off the coast of Colombia, at a water depth of 2,638 ft.
Petrobras stated that the planned development of the well consists of five phases. The gas bearing interval was identified in the fourth phase of its development, using wireline logging. The discovery will be further characterized by conducting laboratory analyses.
The Brazilian energy giant owns 44.4% working interest in the Tayrona Block and is the operator of the asset. The remaining 55.56% is owned by Ecopetrol S.A. (EC - Free Report) . The companies will complete the project by drilling the Uchuva-2 well up to the expected depth and evaluating the condition of the reservoirs found. The company plans to conduct a formation test by the end of 2024.
Petrobras highlighted that the Uchuva-2 well could provide relevant information for developing a new exploration and production frontier in Colombia. The new gas discovery underscores the potential for significant gas reserves in the region.
PBR’s long-term objectives are focused on replenishing its oil and gas reserves by discovering newer frontiers for exploration and production. This aligns with the company’s current operations in the Tayrona Block. PBR plans to abide by its long-term strategy and collaborate with others to ensure that energy demands are met during the transition.
The company’s new gas discovery underscores the probability of finding new oil and gas frontiers in the region that could significantly enhance Colombia’s production capacity.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
VAALCO Energyis an independent energy company involved in upstream operation business with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
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Petrobras' (PBR) Uchuva-2 Well Confirms Major Gas Discovery
Petrobras S.A. (PBR - Free Report) , a Brazilian state-owned energy company, has recently confirmed the extent of a natural gas discovery (made in 2022) in the deep waters of Colombia. The Uchuva-2 well, spudded in June 2024, was aimed at confirming the size of the gas discovery that was initially identified with the Uchuva-1 well. The Uchuva-2 well is located 19 miles off the coast of Colombia, at a water depth of 2,638 ft.
Petrobras stated that the planned development of the well consists of five phases. The gas bearing interval was identified in the fourth phase of its development, using wireline logging. The discovery will be further characterized by conducting laboratory analyses.
The Brazilian energy giant owns 44.4% working interest in the Tayrona Block and is the operator of the asset. The remaining 55.56% is owned by Ecopetrol S.A. (EC - Free Report) . The companies will complete the project by drilling the Uchuva-2 well up to the expected depth and evaluating the condition of the reservoirs found. The company plans to conduct a formation test by the end of 2024.
Petrobras highlighted that the Uchuva-2 well could provide relevant information for developing a new exploration and production frontier in Colombia. The new gas discovery underscores the potential for significant gas reserves in the region.
PBR’s long-term objectives are focused on replenishing its oil and gas reserves by discovering newer frontiers for exploration and production. This aligns with the company’s current operations in the Tayrona Block. PBR plans to abide by its long-term strategy and collaborate with others to ensure that energy demands are met during the transition.
The company’s new gas discovery underscores the probability of finding new oil and gas frontiers in the region that could significantly enhance Colombia’s production capacity.
Zacks Rank and Key Picks
Currently, PBR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are SM Energy (SM - Free Report) and VAALCO Energy (EGY - Free Report) . SM Energy presently sports a Zacks Rank #1 (Strong Buy), while VAALCO Energy carries a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
VAALCO Energyis an independent energy company involved in upstream operation business with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.