Brazilian state-run energy giant Petroleo Brasileiro (PBR), or Petrobras, said late Monday that the company had discovered oil in the Espirito Santo Basin near the Golfinho field.
In a statement, Petrobras said the discovery was made about 60 kilometers off the coast of Vitoria, the capital city of Espirito Santo state. The find was made at a water depth of 1,374 meters.
Initial estimates put recoverable reserves at 150 million barrels of oil, Petrobras said. The oil was rated at 27 degrees on the American Petroleum Institute's rating scale.
"The discovery, located in a concession that solely belongs to Petrobras, opens a new exploratory perspective for the area," Petrobras said in a statement. Petrobras said that the discovery will likely be added to the company's reserves quickly, and could rapidly enter production because of its close proximity to the Golfinho field infrastructure.