Petroleo Brasileiro SA, or Petrobras (NYSE:PBR-A), has discovered light oil about three miles below the ocean floor at the Marlim field.
This continues on with the successful discovery a number of offshore oil across a number of fields off the coast of Brazil.
Initial estimates are there are close to 380 million barrels of recoverable oil and natural gas at the find, about 2.6 percent of overall proven reserves of Petrobras.
Good news for the company is it can be extracted fairly quickly because they have other production equipment nearby, which will allow them to recover it quicker than normal.
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