Petrobras Announces New Discovery

Brazil's government-run oil company Petrobras discovered a new offshore oil field capable of producing some 3,000 barrels a day. The new field, located off the coast of Espirito Santo state, will be the country's first ultra-deep-water oil field at 18,200 feet below sea level.

Brazil has recently opened up its oil market, auctioning off vast tracts of territory to domestic and foreign bidders in an effort to expand production. Petrobras has held on to the Campos Basin, which accounts for more than three-fourths of the 1.3 million barrels Brazil produces daily and where the new field was discovered.