Brazil discovers large oil deposit in northeast

0 Comment(s)Print E-mail Xinhua, September 28, 2013
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Brazilian state-run oil giant Petrobras on Friday confirmed the discovery of a large crude oil deposit off the coast of the northeastern Sergipe state.

The reserve could yield nearly a billion barrels of crude, representing one of the world's largest finds of its kind in 2013, the company said.

Petrobras CEO Maria das Gracas Silva Foster said initial extraction could begin in 2018 at a rate of 100,000 barrels a day.

She said the deposit, in deep waters of the Sergipe basin 100 km off the coast, promises to be substantial.

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