August 14, 2012 / 12:25 AM / 5 years ago

Petrobras makes significant Brazil oil find: partner

RIO DE JANEIRO (Reuters) - Brazil’s state-led Petrobras has made “one of the most significant oil discoveries” in the country’s offshore sub-salt play, Joao Carlos de Luca, the chief executive of Barra Energia, a partner in the discovery, told Reuters on Monday.

Petrobras, which operates the BM-S-8 block south of Rio de Janeiro in the Santos Basin, said in a securities filing that the group’s Caracará prospect has shown 400 meters of continuous and connected oil reserves with excellent porosity and permeability.

The oil is of a light grade at 31 degrees on the American Petroleum Institute (API) scale. Other partners in the discovery are Portugal’s Galp Energia SGPS and Brazil’s Queiroz Galvao Exploracao e Producao SA.

Reporting by Sabrina Lorenzi and Jeb Blount; Editing by Ed Davies

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