Petrobras says it has made a new oil discovery in the pre-salt area of the Santos Basin, off the Brazilian coast.
The Iguacu Mirim well, around 300km off the coast of Sao Paulo, made the discovery at a depth of 2158m.
The lower value heavy crude discovery, whcih is operated by Petrobras with Repsol and BG, has a deadline for declaring commerciality of the end of December.
The announcement comes on the eve of Petrobras’ quarterly financial results.