On August 19, Petroleo Brasileiro SA Petrobras rose 3.03% in regular trading, trading at $18.84/share, with turnover of $29.59 million.

On the news front, Petrobras announced it has identified hydrocarbons at its Morpho exploratory well in ultra-deep waters offshore Amapa, Brazil. The hydrocarbon-bearing interval was confirmed through wireline logs and rock indications. The company's head of exploration and production stated that the oil prospects discovered at the Amazon River mouth drilling are very promising, with operations costing approximately $300 million to date. Petrobras operates Block FZA-M-59 and holds 100% participating interest, aligning with its strategy to build reserves in frontier areas.

The discovery adds to a series of positive operational developments. Earlier this month, Petrobras reported Q2 production of 3.3 million barrels of oil equivalent per day, exceeding targets by 200,000 bbl/day, while its CEO noted that mature field annual decline rates have been reduced from 12% to 4%, suggesting production could surpass current expectations.

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