Petrobras piles on more debt

POOR old Petrobras' run of luck continues to be largely bad, with the news of a new pair of deepwater and onshore discoveries in the Sergipe-Alagoas and Espirito Santo basin being overshadowed by its ongoing corruption scandal, its rising debt and the collapse of one of its major contractors.

The good news for the company is that it has completed testing of the ultra-deepwater 3-BRSA-1286-SES within BM-SEAL-11, finding two light oil and gas bearing reservoirs with a net 55 metre pay at 44m