Sino-Brazilian consortium finds high-grade oil off SE Brazil

Brazilian state-owned company Petróleo Brasileiro SA (Petrobras) said on Monday it has struck crude oil of a high grade in the Búzios field off southeastern Brazil, Agência Brasil reports.

The Brazilian state-run news agency quotes a written announcement by Petrobras as saying the company found an oil reserve stretching for 208 metres deep beneath the seabed and 5,400 metres below the sea surface.

The report says the drill, made 210 kilometres off the Brazilian city of Rio de Janeiro at a location where water depth reaches 2,108 metres, found crude of a grade similar to that of oil already being tapped in the area.

The report says a consortium of Petrobras, China National Offshore Oil Corp. and China Southern Petroleum Exploration & Development Corp. has the contract to extract oil from the Búzios field in Santos Bay.

Petrobras owns 90 percent of the consortium, and the Chinese state-owned companies share the rest, Agência Brasil says.