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Petrobras and ONGC find new oil reservoir off Brazil's Sergipe   Sources - 2nd June 2015, Times of India

BRASILIA: Brazil's state-run Petroleo Brasileiro SA discovered a new deposit of light oil in deep waters off the coast of the northern state of Sergipe, the company said on Monday.

Well 3-SES-189, located in the Poco Verde area discovered in 2012 in the BM-SEAL-4 exploration block, was drilled down to 5,350 meters in waters 2,479 meters deep.

Drilling began on April 6 by Diamond Offshore Drilling Inc with its Ocean Courage semisubmersible rig.

"The reservoirs contain light oil of good market value and are 85 meters wide, with good porous and permeable conditions," a Petrobras statement said. It said another test is needed to confirm the conditions and establish the well's potential.

Petrobras is the operator and has a 75 percent stake in the prospect, in partnership with India's Oil and Natural Gas Corp (ONGC.NS), which holds 25 percent.

Deepwater exploration in the Sergipe-Alagoas Basin by Petrobras, ONGC and India's Videocon Industries Ltd and Bharat Petroleum Corp. has resulted in some of Brazil's largest oil discoveries outside the giant finds in the Santos Basin.