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Repsol Makes Oil Find in ‘Ultra-Deep’ Waters Off Brazil

Repsol YPF SA, Spain’s largest oil driller, said it discovered two levels of “good quality” oil in the Gavea exploration well off Brazil.

A venture between Repsol and China’s Sinopec is the operator of the project in Brazil’s Campos Basin with a 35 percent stake, Madrid-based Repsol said today in an e-mailed statement. Statoil ASA of Norway holds a 35 percent stake and Brazil’s Petroleo Brasileiro SA owns 30 percent.