Petrobras said the new oil encountered near the giant Iara discovery is expected to contain about 4 billion barrels of crude and natural gas equivalent, reported Reuters.
The oil, which was found at a depth of 2,266m, located about 235km off the coast of the state of Rio de Janeiro, measured at 26 degrees on the American Petroleum Institute (API) scale.
As per API scale, 26 degrees is a medium grade of crude, which can be refined easily and more expensive than Petrobras’ other major heavy oil production.
The company found the oil in an offshore area that it secured as part of a September 2010 oil-for-stock swap with the Brazilian government, as part of a $70bn sale of stock to the government and private investors.
Petrobras, which operates the well, drilled it using the Cerrado drill-ship owned by Brazil’s Schahin Group; while other partners in the project include BG Group and Portugal’s Galp Energia SGPS.
