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Petrobras Confirms 5 Billion Barrels of Oil in Offshore Area

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May 9 (Bloomberg) -- Petroleo Brasileiro SA, the biggest crude producer in waters deeper than 1,000 feet, said a third well at the Entorno de Iara field offshore Brazil confirms 5 billion barrels of oil in the area.

Petrobras, as Brazil’s state-run oil company is known, found “good quality” oil in the 4-BRSA1226-RJS well in the field, the Rio de Janeiro-based company said in a regulatory filing today. The well is located in 2,244 meters (7,362 feet) of water about 241 kilometers (150 miles) off the coast of Rio de Janeiro.

The well was drilled in a area where state-controlled Petrobras bought the rights to produce as much as 5 billion barrels of oil from the government in 2010 as part of a $70 billion share sale. The area includes the 3.1-billion-barrel Franco field and five others where the company has found oil at all 16 of the wells it has drilled.

The stock gained 1.3 percent to 18.12 reais at 11:22 a.m. in Sao Paulo. Petrobras has risen 6.1 percent this year.

(An earlier version of this story corrected the location of the 5 billion barrels.)

To contact the reporter on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editors responsible for this story: Helder Marinho at hmarinho@bloomberg.net; James Attwood at jattwood3@bloomberg.net Robin Saponar, Stephen Cunningham

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