Petrobras finds oil off Latin American coast

Videocon Energy, a unit of Videocon Industries, today said its senior partner Petrobras of Brazil had discovered oil and gas off the Latin American nation's coast.

Petroleo Brasileiro SA, the operator of block BM-SEAL-11 found oil and natural gas in Sergipe-Alagoas Basin in Brazil, Videocon said in a filing to the Bombay Stcok Exchange (BSE).

"Excellent quality hydrocarbons were observed" during the testing, it said.

"The Barra well is the first well drilled in deepwater exploration in water depths of 2,311 meters, 58 km from the coast of Sergipe and 90 km from Aracaju, in the Sergipe-Alagoas Basin, offshore Brazil," it said.

Petrobras is the operator of the block with 60% interest. IBV Brasil -- a 50:50 joint venture company of Videocon Energy Brazil and Bharat Petroleum Corp's subsidiary Bharat PetroResources -- holding the balance 40% interest.

The statement did not give reserves the discovery may contain.