Brazilian oil giant, Petrobras on Monday confirmed the presence of "good quality" crude measuring 21º to 26º on the American Petroleum Institute scale, in an area 223 KM south of Rio de Janeiro.
Drilling of a well located in the so-called Iara assessment plan area, in the Santos pre-salt exploration basin reached a total depth of 6,050m. It is the third well drilled in the area and reinforces the high potential of the pre-salt reservoirs in this area.
The oil has been ranked on average as medium grade which makes it lighter and cheaper to refine than much of the heavy crude from Brazil's Campos Basin, the country's main producing region.
The Iara field holds an estimated 4bn barrels of crude in total. That is enough to supply energy in the US for nearly seven months, according to the BP Statistical Review of World Energy and Reuters calculations.
Petrobras operates the Iara field, where it holds a 65 per cent stake, while BG holds 25 per cent and 10 per cent belongs to Portugal's Galp. China's Sinopec owns 30 per cent of Galp's Brazilian operations
The consortium will continue with the activities set forth in the assessment plan approved by the Brazilian National Oil, Natural Gas and Biofuels Agency (ANP), including formation tests to assess the productivity of this reservoir.