SAO PAULO - A new deposit of high-quality oil has been discovered off the coast of Brazil, in an area where explorers have already found significant amounts of the precious resource, the state-owned Petrobras oil company said Saturday.
The deposit was discovered with a test well in the Santos basin, an area of intense exploration 160 kilometers (100 miles) off the coast of Rio de Janeiro, in 1,332 meters of water, Petrobras said.
The size of the oil deposit was still being determined, the company said.
03/12/2005 18:38 GMT