Petrobras has found light hydrocarbons in an offshore well in Brazil’s Sergipe Basin, and the company plans to invest $200m in the field’s development and production.

The discovery was made at well 1-SES-158 in the BM-SEAL-11 block at a water depth of 2,341m on the Barra structure in the Atlantic Ocean.

The company said the quality of oil found is of a similar quality to that of the deep waters of the Campos Basin.

Petrobras holds a 50% operating interest in the BM-SEAL-11 block, while the remaining interest is owned by a consortium that includes Videocon Industries and Bharat PetroResources.