Petrobras has made announcement about the discovery of oil at a block in eastern Colombia.

The statement issued by the Brazilian state-controlled energy giant stated that the discovery was made at the Balay-1 well, part of the Balay block in the central-eastern region of Casanare.

Petrobras Colombia Ltd is the operator of the block holding 45% equity stake, while the other group members include Colombia's Cepcolsa, possessing 30%; Canada's Petroamerica Oil Corp 15% and Sorgenia E&P Colombia, 10%.

On a daily basis, the company generates approx 2.5 million barrels of oil and natural gas at its fields in Brazil and overseas.

Shares of Petrobras, an integrated energy company and a worldwide head in deepwater oil discovery and manufacture, trade on the Sao Paulo, New York, Madrid and Buenos Aires bourses.

However, the Brazilian administration retains control via a golden share. (With Input from Agencies)