Petroleo Brasileiro S.A. - Petrobras (PBR) Receives Operating License for Exploratory Research in Amapa Deep Waters

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the best affordable stocks to buy under $20. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) reported on October 20 that it received the environmental license from Ibama for the drilling of “an exploratory well in block FZA-M-059, located in deep waters off Amapá, 500 km from the mouth of the Amazon River and 175 km from the coast, on the Brazilian Equatorial Margin”.

Management reported that the drill rig is at the well site already and the drilling process is anticipated to start immediately, with an estimated time frame of five months.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) stated that it aims to gather additional geological data through this exploratory activity to support assessments of whether there is gas and oil in the area at an economic scale, with no oil production at this stage. The company added that it has met all the requirements put forward by Ibama and is completely adhering to the environmental licensing process.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is involved in exploration, production, and distribution activities involving oil and gas. The company’s operations are divided into the following segments: Exploration and Production; Refining, Transportation, and Marketing; and Gas and Low Carbon Energies.

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Disclosure: None. This article is originally published at Insider Monkey.