Petrobras, partners confirm large Brazil oil discovery

• Petrobras (NYSE:PBR) and its Brazilian oil company partners confirm that the giant Carcara offshore find extends far beyond the initial discovery.
• Discovered in 2012, Carcara was found to have up to 400 meters of continuous and connected oil reserves with excellent porosity and permeability; at the time it was the biggest oil column ever found in Brazil's subsalt region.
• The companies say an exploration well confirms the size of the column discovered at Carcara and show similar porosity and permeability, suggesting that the area, if and when it is declared commercial, will be able to produce large amounts of oil.