Brazilian firm makes oil find

Source : IANS
Last Updated: Wed, Dec 12, 2012 05:00 hrs

Sao Paulo, Dec 12 (IANS/EFE) State-controlled oil company Petrobras said it has found oil in northeast Brazil's offshore Sergipe-Alagoas basin.

The reserves were found during drilling at the Cumbe well, located about 105 km off Aracaju, the capital of Sergipe state, at a depth of 2,328 meters, Petrobras said in a statement.

The discovery of "good quality" petroleum is the fifth announced by the company this year and the second reported in less than a week in the same region.

The well is being drilled by a consortium whose partners are Petrobras, with a 60 percent stake and which serves as the operator, and IBV do Brasil, the holder of the remaining 40 percent interest.

--IANS/EFE

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