Brazil's Petrobras finds oil, gas

Brazil's energy giant Petrobras says it has found a reservoir of light oil and natural gas off the coast of the southeastern state of Espirito Santo. A company statement released overnight said the find was made during drilling of a well known as Tambuata, located 74 kilometers (45 miles) off the coast, at a depth of 1,520 meters (4,600 feet). "Drilling will continue to a depth of 6,100 meters in order to test deeper formations," Petrobras added. "Reservoirs from the Cretaceous Period, Santonian Age (between 85.8 and 83.5 million years ago) were identified... at a depth between 4,530 and 4,670 meters, and in good conditions for production."