Brazil’s state-controlled oil company Petroleo Brasileiro SA has abandoned exploration at the Caramba prospect in a deepwater region that holds the country’s biggest discoveries.
Petrobras has returned the BM-S-21 concession, where Caramba is located, to Brazil’s National Petroleum Agency, the Rio de Janeiro-based producer said in an e-mail Wednesday.
Petrobras operated the concession in the so-called pre-salt region with an 80 percent stake. Galp Energia SGPS SA was its partner with a 20 percent stake.