Petrobras finds more oil in Brazil
Brazilian energy firm Petrobras has found more oil in the Latin American country, according to new reports.
The new reserve has been found in the Espirito Santa field a month after eight billion barrels of oil were discovered nearby – estimated at the time to account for around 40 per cent of Brazil’s total oil reserve.
Petrobras said in a statement: "The discovery confirms the Espirito Santos Basin’s high potential for gas and light oil, which is expected to result in increased recoverable volumes from the area, which already accounts for a substantial part of the production plans under the Gas Production Anticipation Plan, know as Plangas.
"This discovery also reinforces the major potential of prospects that have yet to be drilled in the same block."
Although no exact figures have yet been released as to the size of the discovery, Petrobras said it offered "high potential".
The recent discoveries have put Brazil on the map for oil production and have been touted by many as good news for the country’s economy.
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