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UPDATE 1-Petrobras hits good quality oil in Brazil's Santos
March 20, 2012 / 12:57 PM / in 6 years

UPDATE 1-Petrobras hits good quality oil in Brazil's Santos

SAO PAULO, March 20 (Reuters) - State-run oil company Petrobras found good quality oil in the BM-S-8 subsalt block off the coast of Brazil in the Santos Basin, the company said in a market filing on Tuesday.

Petrobras holds 66 percent stake in the concession block. Portugal’s Galp holds 14 percent, Barra Energia do Brasil 10 percent and Queiroz Galvao 10 percent.

Oil found from the 4-SPS-86B well which is 232 kilometers from the coast of Sao Paulo state yielded medium weight oil of 31 grade on the American Petroleum Institute ranking of oil.

The deposit is 5.7 kilometers below the ocean floor, in waters 2 kilometers deep. The well is 20 kilometers from the discovery well in the block 1-SPS-532A, Petrobras said.

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