January 2, 2013 / 10:20 PM / in 5 years

Petrobras says it finds more oil in Brazil's sub-salt area

BRASILIA, Jan 2 (Reuters) - Brazil’s state-led oil company Petrobras said on Wednesday it found more good quality oil in a deepwater field, raising the output potential in one of the world’s most promising oil frontiers.

Petrobras said it found a 471-meter (1,545-foot) column of hydrocarbons after it concluded drilling at the 4-SPS-86B well, know as Carcara, located in the BM-S-8 block off the Santos basin, according to a securities filing. Petrobras is the operator of the area, which is also partly owned by Petrogal Brasil, Barra Energia do Brasil Petróleo e Gás Ltda. and Queiroz Galvão Exploração e Produção S.A.

Petrobras said the oil discovered is of a relatively light grade of crude of 31 degrees on the American Petroleum Institute (API) scale.

Petrobras and its partners asked the national oil regulator to extend the period to evaluate the discovery located at the Bem-te-vi area, the company said in the filling. The evaluation period was due to expire at the end of 2012.

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