UPDATE 1-Petrobras finds 380 mln bbl off Brazil coast

* Offshore Campos Basin well holds light oil

* Follows string of deep water discoveries (Adds details of oil find, comments)

SAO PAULO, June 4 (Reuters) - Brazilian state-run oil giant Petrobras said Friday it found as much as 380 million barrels of oil equivalent in a deep-water well in an offshore area, following a string of major offshore finds.

Petrobras (PETR4.SA)(PBR.N) said it found light oil at a depth of 4,460 meters (2.77 miles) in the Campos Basin, where the company produces most of its oil.

The find, located in the "subsalt" cluster which lies beneath a thick layer of salt deep below the ocean's floor, is in the same concession area as the company's Marlim field.

"Preliminary estimates point to potential recoverable around 380 million barrels of oil equivalent," the company said in a statement. (Reporting by Elzio Barreto and Brian Ellsworth; Editing by John Picinich)