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Petroleo Brasileiro Petrobras SA To Announce Massive Offshore Oil Discovery-Reuters

Thursday, 3 Oct 2013 04:37pm EDT 

Reuters reported that Brazilian officials plan to announce the discovery of a gigantic offshore oil area near Sergipe state on October 23, a find that could be the Country's biggest outside the massive subsalt area off its southern coast. A drilling campaign by Petroleo Brasileiro Petrobras SA, and its Indian partner IBV Brasil has shown that their SEAL-11 block and adjoining areas about 100 kilometers (62 miles) off the coast contain more than 1 billion barrels of oil. The subsalt is a name for oil reserves trapped by a layer of salt deep beneath the seabed in the Campos and Santos offshore basins, south and east of Rio de Janeiro. Petrobras declined to confirm the size of the find. Petrobras, the operator of SEAL-11, owns 60% of the block and IBV owns the rest. IBV is a 50-50 joint venture between Bharat Petroleum Corp and Videocon Industries Ltd.