petrobras gains license

Petrobras received the license from the Brazilian Institute forthe Environment and Renewable Natural Resources (Ibama) to drill a well in deepwaters in the Potiguar Basin, in Brazilian Equatorial Margin. The drilling is expected to begin in November. The well will be drilled 52 km off the coast. The Brazilian state-owned company wants to explore to obtain more information from the area to assess economic forecasts and the extent of potential oil discovery. Therefore, there is still no oil production at this stage.