Brazil has found the biggest ever oil reserves in the Santos Basin, off Rio de Janeiro's shore, said the country's state-owned oil company on Thursday.
Petrobras, Brazil's national oil company, said in a statement that the newly-found reserves will put Brazil "among the countries with large oil and gas reserves."
Petrobras said the reserves have an estimated volume of 5 billion to 8 billion barrels of light oil and natural gas, and can represent an increase of 40 percent to 60 percent in the company's total volume of oil and gas reserves.
Petrobras' reserves currently are at 12 billion barrels of oil equivalent (BOE), and it produces 1.8 million oil barrels per day, which allowed Brazil to achieve self-sufficiency in oil and gas production, but not the exporter status.
The oil found in the Tupi Field was tested at 28 degrees API, higher than the average oil produced in the country, which demonstrates the better quality of the new reserves.
Petrobras is Tupi Field's operator, with a 65 percent stake. British energy group BG has a 25 percent stake and Portuguese Galp Energia holds the remaining 10 percent.