Petrobras says unit extraction costs at Subsalt Polygon fall 7 pct

Apr 19, 2016 

The cost of extracting oil from Brazil’s so-called Subsalt Polygon in the Atlantic ocean fell about 7 percent last year, state-controlled oil producer Petróleo Brasileiro SA said on Tuesday.

In a securities filing, Petrobras said unit extraction costs fell to $8.50 per barrel of oil last year from about $9.10 a barrel in 2014. The Subsalt Polygon is an offshore area that has already yielded some of the world’s largest recent oil finds, and is estimated to contain at least 176 billion barrels of undiscovered, recoverable resources of oil and natural gas. (Reporting by Guillermo Parra-Bernal)

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