BRASILIA Feb 25 Brazil's state-led Petrobras
, BG Group and Repsol have found good
quality sub-salt crude in an exploration frontier of the Santos
basin, Petrobras said on Monday.
The well 1-SPS-98 (1-BRSA-1063-SPS), known as Sagitário, is
located west of the main discoveries that have been made so far
in the sub-salt fields of the Santos basin and the first to be
drilled in bloc BM-S-50, 194 km (120 miles) from the coast of
Sao Paulo state, in waters 1,871 meters deep.
"The importance of this discovery is the fact that it is in
a area that is an exploration frontier," Petrobras said in a
The oil was found in reservoirs just below the salt layer,
at a depth of 6,150 meters, the statement said. Drilling will
continue to a depth of 6,950 meters to determine the floor of
the reservoirs, it said.
Petrobras has a 60 percent stake in the concession, BG Group
has 20 percent and Spain's Repsol has the remaining 20 percent.
Brazil's sub-salt area deep below the coastal waters is
believed to contain as much as 100 billion barrels of oil,
enough to supply all U.S. needs for 14 years.
Output from the sub-salt fields is expected to continue to
expand to more than 6 million barrels a day by 2020, making
Brazil one of the worlds' major oil producers.