Petrobras Finds More Offshore Oil

Petrobras Finds More Offshore Oil

Brazil’s Petrobras says that a second well in an offshore Santos Basin block confirms the presence of light oil.

Petrobras says the well found another reserve of light oil near the previously announced Carioca discovery. The discovery came in the ultra-deep waters almost 200 miles off the coast of Sao Paulo state.

The find was made more than three miles down.

Petrobras is lead operator of the block, holding a 45 percent stake, while BG Group PLC of the U.K. holds 30 percent and Spain’s Repsol YPF has 25 percent.

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