A light and good quality oil has been discovered in a discovery made in an offshore Brazilian block where Videocon Industries and Bharat Petroleum Corp Ltd (BPCL) hold 40% interest.

Petrobras is a Brazilian national oil company which has completed the formation test to assess the potential of a petroleum deposit in a well, in the BM-SEAL-426 block in ultra-deep waters of the Sergipe-Alagoas Basin.

The formation test results confirmed the presence of light oil (37 Degrees API) and a good productivity of the reservoirs.

“The well drilling reached a final depth of 6,060 meters. This is the third appraisal well in Farfan area, discovered in October 2012,” the filings said.

The Brazilian regulatory authority has approved the consortium partners to continue the implementation of the  Discovery Assessment Plan (PAD).

Pradeep N Dhoot, Dubai-based Director of Global E&P Business of Videocon said, “The formation tests of the new hydrocarbon accumulations at multiple plays will further add to the hydrocarbon resources already indicated in the Block.”