Brazil oil giant announces new find

Rio de Janeiro, Aug 4 (IANS/EFE) Brazilian state-controlled oil company Petrobras has announced the discovery of a new oil find at a deep-water well off the country's northeast coast.

Petrobras said in a statement Thursday that the deposit was found at the Pecem well - located 76 km off the coast of Paracuru, in Ceara state - at a water depth of 2,129 meters.

The well is being drilled by a consortium made up of Petrobras, which holds a 60 percent stake in the BM-CE-2 concession in the Ceara basin, and BP Energia Brasil, a unit of Britain's BP.

"The consortium will continue to drill the well to the planned depth, verify the extension of the new discovery and characterize the conditions of the discovered reserves," Petrobras said.

--IANS/EFE

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