Brazil’s state oil firm Petrobras has confirmed a huge oil find in the Libra field in the Atlantic Ocean.
Petrobras said that this, the seventh appraisal well in the block, is “Libra’s largest net pay” with a column 410 metres thick.
Libra is being developed by a multinational consortium led by Petrobras.
The Libra field, 180km offshore Rio de Janeiro, is in the pre-salt layer of the Santos basin, a layer of salt formed at the end of the Mesozoic Era when dinosaurs lived. It traps crude oil beneath the Atlantic seabed.
Petrobras, with a 40% interest, is the major stakeholder in the Libra Consortium while others of the multinational group comprise Shell (20%), Total (20%) CNPC (10%) and CNOOC (10%).
The consortium is also drilling an eighth Libra well.
This confirmed find is good news for Petrobras which has been buffeted for two years by a huge bribery scandal and has been hit by the plunging oil price.