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Exclusive: Petrobras, IBV wells show major new oil find in Brazil

Reuters  |  RIO DE JANEIRO 

By Jeb BlountRIO DE JANEIRO (Reuters) - A drilling campaign off Brazil's northeastern coast shows that an area controlled by Petrobras and an Indian partner likely holds more than a billion barrels of oil, government and industry officials told Reuters, bolstering hopes that the region will soon become the country's biggest new oil frontier.Petroleo Brasileiro SA , as Brazil's state-run oil company is formally known, and IBV Brasil, a 50-50 joint venture between India's Bharat Petroleum Corp (BPCL) and Videocon Industries Ltd , have determined the SEAL-11 exploration block contains very ...

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First Published: Thu, September 26 2013. 21:15 IST