Petroleo Brasileiro (PETR4), Brazil’s state- controlled oil company, discovered traces of oil in an onshore well in the Fazenda Panelas field of the country’s Reconcavo Basin.

The discovery in well 3BRSA1066DPBA hasn’t yet been declared commercially viable, according to a posting on the website of Brazil’s National Petroleum Agency.

To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net

To contact the editor responsible for this story: Chris Peterson at cpeterson@bloomberg.net