Article: Petrobras makes shallow-water light oil find.(Petroleo Brasileiro S.A.)(Brief article)

Brazilian state oil company Petrobras has announced a new "important" light oil discovery in the shallow waters of the Santos basin off Sao Paulo state's coast.

Unlike a number of recent deepwater subsalt discoveries, the find was made above a thick sheet of salt that lies deep beneath the ocean floor. The water depth of just 770 feet should make future development and production easier.

Petrobras is the only company working the BMS-40 block, where it expects to start drilling a second well next month. The company provided no reserve estimates.

The find, located about 170 miles south of the coastal city of Santos, was confirmed via a formation ...

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