Petrobras reported a promising find of light crude in the ultra-deep waters offshore Santos Basin. This discovery of 42 API grade crude is a rare find in Brazil. The discovery was found by the drill ship, Deepwater Frontier, with the 1-RJS-582 well in block BS-500. The commercial viability of the find has yet to be determined and Petrobras has not released an estimate on the volume of reserves. The well was drilled in approximately 5,000 feet of water.