Petrobras has discovered light oil in the pre-salt reservoirs of the Tupi area, in the ultra-deep waters of Santos Basin.

The company said it found 29 degree API oil in the Iracema Norte well, located 240km off Brazil’s coast in waters around 2,250m deep.

The Tupi area is estimated to hold between five and eight billion barrels of recoverable light oil and natural gas in the pre-salt reservoirs, Petrobras said.

Block BM-S-11, where the Tupi area is located, is owned by a consortium comprising Petrobras (65%) BG Group (25%) and Galp Energia (10%).