Petrobras finishes oil drilling offshore Brazil RIO DE JANEIRO, July 25 (UPI) -- Brazilian energy company Petrobras said it confirmed a well in the offshore Santos Basin strengthens its potential of recovering oil from coastal waters. Petroleo Brasileiro, known also as Petrobras, said it finished drilling its fourth exploration well in the so-called lara oil and natural gas reserve area of the Santos Basin. It said the results of the well strengthened the potential of recovering oil and confirmed a discovery announced in March. "Results have confirmed excellent productivity of the reservoirs," it said in a statement Wednesday. Petrobras in February said it started oil production at the Bauna field in the southern section of the Santos Basin using a floating, production, storage and offloading vessel. The FPSO vessel at Bauna is connected to a well that can produce as much as 12,000 barrels of oil per day. The company said peak production from the site is expected by August. Brazil ranks second behind Venezuela in terms of proven oil reserves in South America.