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Brazil announces new offshore oil find

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Brazil's state-controlled oil company Petrobras has announced the discovery of a high-quality off-shore oil deposit in the Espirito Santo Basin.
RIO DE JANEIRO, July 15 (RIA Novosti) - Brazil's state-controlled oil company Petrobras has announced the discovery of a high-quality off-shore oil deposit in the Espirito Santo Basin.

The new deposit is located in near the Golfinho field, 60 kilometers (40 miles) from the city of Vitoria, at a depth of 1,374 meters (about 4,500 feet). The first estimates indicate a potential of 150 million barrels of recoverable oil, Petrobras said in a press release posted on its website on Tuesday.

Over the past seven months, Petrobras has discovered three large oil fields in the Santos Basin. The company confirmed in January the discovery of a massive natural gas deposit off the coast of the state of Rio de Janeiro.

Petrobras is the world's sixth largest company by market value. Its reserves of oil equivalent have been estimated at 15 billion barrels.

The company set a new monthly crude output record of 1.867 million barrels per day in Brazil in June.

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