Petrobras Announces Espirito Santo Find

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Petrobras, Brazil's state-controlled oil producer, said its offshore Brigadeiro well found evidence of petroleum in Brazil's Espirito Santo Basin. The find is located at a depth of 4,200 meters, 115 kilometers offshore from Espirito Santo state in the ES-M-525 bloc of the BM-ES-23 oil area concession, according to the Wall Street Journal.

Petrobras (PBR) also made a light discovery in the Espirito Santo Basin in December 2010. Along with the Campos and Santos Basins, Espirito Santo is one of Brazil's pre-salt fields, regions which are believed to hold tens of billions of barrels of oil reserves.

The Brazilian unit of Royal Dutch Shell (RDS-A), the largest European oil company, and Inpex are the minority partners with Petrobras on the Brigadeiro well project. Petrobras has a 65% stake in the project while Shell holds 20% and Inpex holds the remainder, according to the Journal.

The companies are expected to submit a proposal to Brazil's national oil regulator, ANP, to further the region where the new discovery was made. Petrobras declined to give the total size of the newly found deposit.