Petrobras Confirms Oil Discovery in Espirito Santo Basin

SAO PAULO - Brazil's state-run oil company Petroleo Brasileiro SA, or Petrobras, said Wednesday it discovered oil at an exploration block in the Espirito Santo offshore basin.

Petrobras said it struck low-quality heavy crude of around 15-degree API, in its ES-M-661 block, about 60 kilometers east of the city of Vitoria, capital of the southeastern Brazilian state of Espirito Santo.

Petrobras owns 70% of the exploration block, with IBV Brasil owning the remaining 30%, Petrobras said in an emailed statement.

Copyright (c) 2012 Dow Jones & Company, Inc.


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