Brazilian oil giant discovers deep water

Brazilian state-run oil and gas giant Petrobras said Wednesday that it has discovered a new oil deposit in ultra-deep waters off the country's northeastern coast. The finding at the Sergipe-Alagoas Basin was made during the drilling at the Muriu well located 85 km off the coast of Sergipe state at a depth of 2,583 meters. "The discovery was confirmed through log data analysis (and) pressure data analysis, and fluid sampling from the reservoirs indicated the presence of light oil," said the company. "The oil was found in excellent quality reservoirs with a 67-meter thickness." Petrobras will continue logging operations before the discovery is officially submitted to the National Petroleum Agency, it said. It was not the first oil discovery in the area. In the past four months, Petrobras has announced the discovery of hydrocarbon reserves in three other wells in the same region.