Devon Energy Corp. and Anadarko Petroleum Corp. said Thursday they have discovered oil thousands of feet below the ocean's surface off the Brazilian coast.
The companies said an exploratory well was drilled to about 16,300 feet, including 4,400 feet of water. It encountered at least 90 feet of net oil pay, which is a vertical measurement of the portion of the reservoir the companies believe can be produced.
The site is about 78 miles southeast of Vitoria City.
Devon, based in Oklahoma City, has a 40 percent working interest in the discovery. Anadarko, based in Houston, has a 33.3 percent working interest and SK Energy Co. Ltd. has a 26.7 percent working interest.
Shares of Devon Energy rose $1.21 to $69.07 while Houston-based Anadarko Petroleum fell $1.10 to $61.86 in afternoon trading.