On August 20, Petrobras rose 3.09% in regular trading. On the news front, the company announced the discovery of hydrocarbons at the Morpho exploration well in the ultra-deep water area offshore Amapa, with wireline logging and rock indicators confirming hydrocarbon-bearing intervals.

The company's exploration and production division head stated that the oil prospects discovered in the Amazon River mouth drilling are highly promising, with drilling operations costing approximately $300 million to date. The block is 100% owned and operated by Petrobras, representing a strategic initiative to establish reserves in frontier areas. Additionally, Q2 results were strong, with adjusted net profit up 170% year-over-year, production up 14.1%, and operating and free cash flows increasing 63% and 122% respectively, providing fundamental support for the share price.

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