Petroleo Brasileiro SA Petrobras (PBR) CEO Magda Chambriard stated in a video address during a press conference on Friday that the company plans to complete two production wells by 2030 in a newly identified, yet-to-be-named oil and gas discovery within the Aram offshore block in the Santos Basin.

Following the video statement, a Petrobras representative noted that the company still needs to conduct evaluations of the exploration results to determine whether the hydrocarbon extraction in the Aram block holds commercial development value.

The representative also mentioned that, should development proceed, Petrobras would likely need to construct a new floating production platform for this block.