July 14, 2008 / 11:39 PM / 11 years ago

UPDATE 1-Brazil's Petrobras makes 150-mln-barrel oil find

(Adds details, context)

RIO DE JANEIRO, July 14 (Reuters) - Brazil’s oil giant Petrobras (PETR4.SA) (PBR.N) discovered oil with a 27 degree API in the Espirito Santo basin, the company said in a statement on Monday.

Initial estimates place the amount of recoverable oil from the Golfinho field at 150 million barrels, the state-run company told the security and exchange commission CVM in a statement.

The field lies some 60 kilometers from the Espirito Santo state capital Vitoria.

The reservoir is at a water depth of 1,374 meters, the statement said.

Due to its proximity to existing infrastructure, production could quickly begin, it said.

Petrobras has announced in recent months a series of discoveries in subsalt clusters at great depths at sea. (Reporting by Mair Pena Neto, writing by Raymond Colitt; editing by Carol Bishopric)

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