On August 20, Petroleo Brasileiro SA Petrobras rose 3.07% in regular trading, trading at $19.105/share, with turnover of $98.35 million. The stock has now gained over 6% across two consecutive sessions on the back of a major exploration breakthrough.

On the news front, the company announced it discovered hydrocarbons at its Morpho exploratory well in ultra-deep waters offshore Amapa, Brazil. The hydrocarbon-bearing interval was confirmed through wireline logs and rock indications. The company's Exploration and Production head stated that the oil prospects from the Amazon River mouth drilling are highly promising, with drilling operations having cost approximately $300 million to date. Petrobras operates Block FZA-M-59 with 100% participating interest, aligning with its strategy to build reserves in frontier areas.

Further supporting sentiment, the company's CEO recently noted that oil production is highly likely to exceed current expectations, with Q2 output surpassing targets by 200,000 barrels per day and mature field annual decline rates reduced from 12% to 4%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)