UPDATE 1-Brazil's Petrobras makes another subsalt oil find

* New subsalt oil find seen 1.5 bln-2 bln bbls recoverable

* New subsalt fields lie under existing heavy oil finds

SAO PAULO, Nov 21 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) (PBR.N) said Friday it discovered "large volumes" of light oil in the subsalt layer off the coast of Espirito Santo.

The company estimated the total recoverable oil from the newly discovered subsalt deposit in the so-called Parque das Baleias area amounts to 1.5 billion to 2 billion barrels of oil.

Petrobras said in a statement that the light oil, which has an American Petroleum Institute gravity ranking of 30, lies under heavy oil discoveries in Baleia Franca, Baleia Azul and Jubarte.

Over 80 percent of Brazil's current crude production comes from the Campos Basin off the coast of Rio de Janeiro in the form of heavy crude with an API gravity of 18 or less.

The total recoverable reserves of both the shallower heavy oil fields and deeper light subsalt finds are seen at 3.5 billion barrels, Petrobras said.

The discovery comes at a time when world oil prices have fallen by nearly 60 percent from a peak of $147 a barrel in July. Analysts have begun to question at what price the technically difficult subsalt discoveries become too costly to develop.

But aside from the quality and scale of the new deposits, which makes them feasible under lower oil prices, their location beneath existing heavy oil fields already under production simplifies the work of bringing them on stream.

Petrobras began commercial production of Brazil's first subsalt oil a few months ago by linking a subsalt well to an existing production platform that was lifting heavy oil from shallower depths in the Jubarte field.

This saves Petrobras from having to invest in a separate production platform to get at the newly found oil at a time when the world credit crisis is forcing the company to pare down its aggressive investment plans. (Reporting by Reese Ewing; Editing by John Picinich)