Brazil Discovers More Light Crude Offshore

Brazil’s state-controlled oil firm Petrobras said on Tuesday it had discovered an unknown quantity of crude oil in the so-called subsalt region around the offshore Campos Basin.

The oil was found 81 miles (130 kilometers) from Rio de Janeiro state’s coastline and lies at a depth of 4,536 meters and below waters just over a mile (2 kilometers) deep in the Albacora Leste concession, a company statement said. Petrobras said preliminary analysis indicated the presence of good quality, light oil.

The government hopes the massive oil reserves, buried deep beneath the ocean floor under a layer of salt in a basin known as the subsalt region, will help the world’s eighth-biggest economy win the status of a developed nation and become a major energy exporter.

Reuters