Petrobras (NYSE: PBR), Brazil's state-run oil company, says it cannot confirm a claim by Peru's president that it has found at least 1 trillion cubic feet of natural gas in Peru, according to Associated Press.
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Petrobras says it will analyze its findings after drilling a 13,100-foot (4,000-meter) well in the Peruvian jungle and that it will be a few weeks before it announces either the size or the commercial viability of the field.
Petroleo Brasileiro SA issued its statement on Friday, a day after Peruvian President Alan Garcia said that Petrobras had made an enormous discovery in Cuzco province.
If accurate, Garcia says it would help ensure Peru's gas supply for four decades.
Garcia said that Peruvian oil officials estimate the field holds up to 5 trillion cubic feet of gas.
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