Petroleo Brasileiro SA (Petrobras) said a third well in a $42.5 billion offshore area shows the existence of 5 Bbbl of oil.
Petrobras said it found good quality oil in the 4-BRSA1226-RJS well in the field known as Entorno de Iara, according to a regulatory filing today. The well is located in 2,244 m (7,362 ft) of water about 241 km (150 miles) off the coast of Rio de Janeiro.
The well was drilled in an area where Petrobras bought the rights to produce as much as 5 Bbbl of oil from the government in 2010 as part of a $70 billion share sale. The area includes the Franco and other fields in the presalt region.
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