Petrobras (PBR) Strikes More Oil in Tupi Field

Dow Jones is reporting that Petrobras (NYSE: PBR) today announced that it has found more oil in the ultra-deep waters near its offshore field, Tupi. Specifically, Petrobras said it struck oil at 22,221 feet below the surface of the Santos Basin, which is 155 miles off the coast of Brazil, near the state of Sao Paulo. Petrobras did not disclose exactly how much oil it had discovered.

Earlier this year, Petrobras said that the Tupi field could hold as much as 8 billion barrels of oil in recoverable reserves.

Petrobras has been an absolute beast so far in May: in 16 days of trading, Petrobras has been up 13 days, today being just the third day in May the stock has been down. Shares are up more than 20% over this period and with oil's next likely stop being $150, the stock probably isn't done going up.

Notably, Merrill Lynch raised its price target on Petrobras to $92 this morning, meaning the stock could still see upside of more than 25% from current levels.

Petroleo Brasileiro S.A., Petrobras, together with its subsidiaries, engages in the exploration, exploitation, and production of oil from reservoir wells, shale, and other rocks in Brazil.

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