Petrobras Expects First Gulf Oil Later This Year

Petrobras (NYSE: PBR), Brazil's state-run oil company, said it expects to produce oil from its Cascade and Chinook fields in the Gulf of Mexico later this year, after the wells were impacted by the government-imposed moratorium on deepwater drilling in the Gulf.

Petrobras owns all of the Cascade field after acquiring Devon Energy's (NYSE: DVN) stake. Petrobras owns two-thirds of Chinook while France's Total (NYSE: TOT) owns the remaining third.