Petrobras Postpones Release of Fourth-Quarter Results

Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said it delayed its fourth- quarter earnings release after a board meeting was postponed.

The company had planned to release earnings tomorrow. The company didn’t say when it plans to announce results.

Brazil’s state-run oil company says it has made two offshore oil discoveries holding up to 65 million barrels. Petroleo Brasileiro SA says both deep-water finds are in the Campos Basin, about 100 kilometers (60 miles) off Rio’s coast. One find is 4,340 meters (14,240 feet) below the ocean’s surface. Petrobras estimates it holds 40 million barrels of recoverable oil. The other is in shallower waters and holds up to 25 million barrels.
Petrobras has discovered billions of barrels of oil in offshore reserves in the past two years.