Petrobras Makes Discovery Off Santa Catarina State

Petrobras has made another oil discovery in the Santos Basin off the coast of southern Santa Catarina state. The company, which produces around 1.4 million barrels of oil per day, said preliminary estimates showed commercially viable reserves of 40 million barrels, or one month's worth of the company's output, and total reserves of 500 million.

More analysis of the data from the well which is located approximately 110 miles off the coast was required. Petrobras is the operator in the area and Queiroz Galvao, Coplex and Starfish are partners.