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Brazilian firm makes new deep-water oil find

Posted on Dec 06, 11:39AM | IANS

State-controlled oil company Petrobras Wednesday announced a new oil find in ultra-deep waters off Brazil's northeastern coast.

The crude accumulation was discovered at a spot 85 km off the coast of the city of Aracaju, capital of Sergipe state, at a depth of 2,583 meters, Petrobras said in a statement.

The find was the fourth the company has announced thus far this year in that region.

Petrobras said it will continue conducting studies prior to presenting a plan for developing the deposit to the National Petroleum Agency, which regulates the oil sector.