By an OGJ correspondent

RIO DE JANEIRO, Dec. 6 -- Petroleo Brasileiro SA (Petrobras) announced Thursday a new oil find on the BC-60 Block in the northern Campos basin, off the southern coast of the Brazilian state of Espírito Santo, 10 km from the recently discovered Jubarte field.

The 1-ESS-116 wildcat was drilled 76 km offshore in 1,478 m of water, encountering a 60 m thick, saturated 19° gravity API oil-bearing formation.

Area geological studies indicate potential reserves of 300 million boe. Combined with the estimated reserves of Jubarte field, the amount already discovered in the BC-60 Block would total 900 million boe, officials said.

Jubarte is producing 17,000 b/d of 17° API oil from a single well, which will provide the basis for an eventual permanent production project. The Jubarte well is capable of producing 25,000 b/d, but flow is constrained due to limited processing capability, said Petrobras officials.

Petrobras is already drilling another well in the area to determine the commercial viability of the find.