Petrobras Announces Massive Oil Finds

25 February 2010 (Last Updated February 25th, 2010 18:30)

Brazilian state-controlled energy giant Petrobras has discovered two new deepwater oil deposits with an estimated 65 million barrels of recoverable crude, according to local media. The two finds in the Campos Basin were made at the same well, which was drilled in waters 860m (2,820ft)

Brazilian state-controlled energy giant Petrobras has discovered two new deepwater oil deposits with an estimated 65 million barrels of recoverable crude, according to local media.

The two finds in the Campos Basin were made at the same well, which was drilled in waters 860m (2,820ft) deep at a spot roughly 100km (62 miles) off the coast of Rio de Janeiro state, the Latin American Herald Tribune reports.

A total of 25 million barrels of reserves were discovered above the salt layer, while the another 40 million barrels were found in the “pre-salt” region at a depth of 4,340km (2,700 miles), the company said in a statement.

The deposits are located in a Petrobras concession area known as Barracuda, where the company already has installed a platform for extracting oil in the Campos Basin.

Petrobras extracts an average of 2.5 million barrels of oil and natural gas per day in its fields in Brazil and abroad.