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Brazilian firm makes oil find

Posted on Dec 12, 12:56PM | IANS

State-controlled oil company Petrobras said it has found oil in northeast Brazil's offshore Sergipe-Alagoas basin.

The reserves were found during drilling at the Cumbe well, located about 105 km off Aracaju, the capital of Sergipe state, at a depth of 2,328 meters, Petrobras said in a statement.

The discovery of "good quality" petroleum is the fifth announced by the company this year and the second reported in less than a week in the same region.

The well is being drilled by a consortium whose partners are Petrobras, with a 60 percent stake and which serves as the operator, and IBV do Brasil, the holder of the remaining 40 percent interest.