April 7, 2009 / 6:05 PM / 8 years ago

Petrobras finds signs of offshore oil in Campos

RIO DE JANEIRO, April 7 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA)(PBR.N) has discovered signs of oil in the C-M-401 block in the Campos Basin, the company told Brazil's National Petroleum Agency on Monday.

The block, located at a depth of 976 meters, was bought by Petrobras in 2005, in the country's seventh gas and oil bidding round in which concessions were auctioned off.

The company said late on Monday that gas and light oil reservoirs found in January in Santos Basin, containing an estimated 550 million barrels of oil equivalent, are commercially viable.

Usually, between 30 percent and 40 percent of a reservoir's total volume is recoverable, according to Petrobras' press department. (Reporting by Denise Luna; Writing by Inae Riveras; Editing by Christian Wiessner)

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