April 14, 2008 / 7:17 PM / 10 years ago

Petrobras shares in Argentina soar on oil find

BUENOS AIRES, April 14 (Reuters) - Shares of Brazil’s state-owned Petrobras soared nearly 7 percent on Monday on the Argentine stock market following news the company may have made the world’s biggest oil discovery in 30 years.

The offshore find, known as Carioca and made in partnership with Repsol-YPF (REP.MC)(REP.BA) and BG Group BG.L, could contain 33 billion barrels of oil equivalent, said Harold Lima, the head of Brazil’s National Petroleum Agency.

    Petrobras (APBR.BA)(PETR4.SA)(PBR.N) officials had no immediate comment.

    Buenos Aires-listed shares of the company surged to 192.5 pesos at 4:00 p.m. local time, moving a volume of $15 million, the equivalent of 36.5 percent of total value on the MerVal.

    Repsol skyrocketed 16.7 percent to 139.5 pesos, but the impact remained limited due to low volume. ($1 = 3.1825 pesos) (Reporting by Gaspard Sebag and Jorge Otaola; editing by John Wallace)

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