Multinational energy corporation Petrobas has made an oil discovery at an exploration well in the giant Libra prospect.
The well is the first drilled by the consortium, which won the right to explore and develop the area.
An estimated eight to 12 billion recoverable barrels of petroleum are believed to be contained in the area. The recent discovery was made off the coast of Rio de Janeiro.
Petrobas has a 40% stake in the development with Shell and Total each owning 20% and China’s CNPC and CNOOC owning the remaining 10%.
Last month, Ocean Installer won a $50million contract for support work in Brazil to work in the Santos Basin pre-salt areas for Petrobas.