Petrobras Expands Onshore Drilling in Bahia With $122M Investment

Group 1: Core Insights - Petrobras has awarded drilling contracts to EBS Perfurações and Conterp, valued at approximately R$707 million ($122 million), to enhance onshore oil and gas production in Bahia [1] - The contracts will create around 530 direct and indirect jobs, contributing to local development in Bahia [1][3] - The drilling campaign is scheduled from September 2025 to June 2029, with EBS drilling wells up to 5,000 meters deep and Conterp drilling up to 4,000 meters [2] Group 2: Economic Impact - The investment reflects Petrobras' growing interest in onshore operations, which will increase its oil and gas production and competitiveness in the energy market [3] - The contract is expected to boost Bahia's economy by generating local jobs and providing indirect benefits in the services and logistics sector [3] Group 3: Company Overview - Petrobras is the largest integrated energy firm in Brazil, involved in exploration, production, refining, and transportation of oil and gas [4] - The company currently holds a Zacks Rank 3 (Hold) [4] Group 4: Investment Opportunities - Investors may consider top-ranked stocks in the energy sector, such as Mach Natural Resources LP (Zacks Rank 1), Sunoco LP (Zacks Rank 1), and Gulfport Energy Corporation (Zacks Rank 2) [5] - Mach Natural Resources is projected to have a 179.17% year-over-year earnings growth for 2024 [6] - Sunoco is expected to see a 184.11% year-over-year earnings growth for 2024 [7] - Gulfport Energy anticipates a 108.53% year-over-year earnings growth for 2024 [8]