Aug. 27 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, found oil in an offshore well in the Campos Basin more than 6,800 meters (22,310 feet) below the ocean surface, the country's petroleum regulator said.

Petrobras, which has not determined if the find is commercially exploitable, found the oil in the BC-60 exploration block using the Peregrine I rig operating in 1,348 meters of water atop a well drilled 5,455 meters below the sea floor, the regulator, known as the ANP, said on its Web site.

To contact the reporters on this story: Jeb Blount in Rio de Janeiro at jblount@bloomberg.net and Heloiza Canassa in Sao Paulo at (55- hcanassa@bloomberg.net

Last Updated: August 27, 2008 11:46 EDT