Petrobras has announced new evidence of oil in the Campos basin, offshore Brazil, the national petroleum agency has said.

The discovery was made at well 1BRSA724ESS in the BM-C-25 block.

The well is in about 1,180m (3,870ft) of water. It was drilled by Schahin drillship SC Lancer.

Petrobras did not confirm whether the find can be developed commercially.

Royal Dutch Shell has recently sold its 43% stake in the block to Petrobras, giving the company a 100% interest in the block.

By staff writer.