December 19, 2013 / 10:00 PM / 4 years ago

UPDATE 1-Brazil's Petrobras, partners find quality oil in Carioca area

SAO PAULO, Dec 19 (Reuters) - A consortium led by Brazil’s state-controlled oil company Petróleo Brasileiro SA found good-quality oil in the sub-salt Carioca offshore area, which might have about 459 million barrels of oil equivalent in recoverable reserves.

Petrobras, as the company is known, said in a securities filing late on Thursday that the field was declared commercial by the consortium, which will remane the are as “Lapa” field. The partners will submit a plan to develop Carioca for approval by regulatory watchdog ANP within 180 days, the filing said.

The Lapa field is 270 kilometers (169 ,iles) off the coast of the state of São Paulo at a depth of 2,140 meters.

The consortium is formed by Petrobras, BG Group Plc and a joint venture between Spain’s Repsol SA and China Petroleum and Chemical Corp , also known as Sinopec.

Shares of Petrobras rose 2.4 percent on Thursday to 17.25 reais.

The Carioca area is located in the so-called sub-salt polygon - an offshore area half the size of Italy. It covers oil provinces that produce more than 80 percent of Brazil’s output and may contain as much as 100 billion barrels of oil, according to Rio de Janeiro State University.

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