UPDATE 1-Petrobras strikes light oil above subsalt layer

Fri Sep 26, 2008 5:07pm EDT

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SAO PAULO, Sept 26 (Reuters) - Brazilian state-run energy company Petrobras (PETR4.SA)(PBR.N) said on Friday it struck light oil south of the Santos basin in shallow waters above the subsalt layer of the ocean floor.

The area where the find was made -- the BMS-40 block -- could contain up to 150 million barrels of recoverable oil equivalent, Petrobras said in a statement.

"This find confirms the good light oil potential in the shallow waters of that basin," the company said.

Petrobras had confirmed in May the presence of light oil in the block, which is 100 percent owned by the Brazilian company. The new discovery is 5.8 miles (9.3 km) away from this first find.

Unlikely recent discoveries in the subsalt cluster at great depths at sea, the find was made above the layer of salt about 6,758 feet (2,060 meters) under the ocean floor and at a water depth of 898 feet (274 meters), which should make future production easier.

It is located about 200 km off Sao Paulo state's coast. (Reporting by Todd Benson and Inae Riveras, editing by Gene Ramos)

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