Petrobras announces another offshore oil find

Brazilian state-run oil company Petrobras says it has made a new deep-water discovery of light crude in the Santos Basin off the coast of Sao Paulo state.

Petroleo Brasileiro SA has yet to say how many barrels of oil the new discovery may hold. The field lies about 210 miles (340 kilometers) offshore in pre-salt reservoirs some 3 miles (5 kilometers) below sea level.

Petrobras said Tuesday the discovery was made in partnership with the Spanish oil company Repsol YPF and Britain's BG Group PLC.

The Santos Basin block was estimated last year to yield 3 billion to 4 billion barrels of recoverable light crude and natural gas.

[Source: Forbes by AP, Brazil, 14Apr09]

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