Petrobras Calls Deep Offshore Wells a `New Frontier’

Petroleo Brasileiro SA, Brazil’s state- controlled oil company, opened a new exploration frontier with the discovery of oil beneath more than two kilometers of ocean and two kilometers of rock, Chief Executive Officer Sergio Gabrielli said.

While Petrobras doesn’t know the extent or size of the oil deposits found about 250 kilometers off the shore of Rio de Janeiro, it is the first time oil has been found under such conditions, offering the chance that Petrobras may increase the production of light crude oil faster than expected, Gabrielli said in an interview.
Bloomberg