Brazilian state oil firm Petrobras says it has made another significant find in the deep-water Potiguar Basin.
The Pitu well, around 55km off the Brazilian coast at Rio Grade do Norte, has revealed a 188m column of oil, after drilling to more than 5km depth.
Exploration work on the site is now set to continue after tests on the oil find confirmed it’s permeability and porosity.
BP are set to farm into the site, subject to government approval, and take a 40% stake in the prospect.
The new find comes just a day after it emerged fields Petrobras bought in 2010 could hold double the amount of oil previously expected.
The state firm bought the rights to exploration blocks with 5billion barrels of oil and gas in an oil-for-stock swap four years ago.
But new findings show the areas may contain up to 10billion barrels worth.
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