Brazilian oil company Petrobras said Wednesday it had discovered a massive oil deposit in the Campos Basin. Preliminary tests at the site suggest recoverable reserves estimated at 700 million to one billion barrels of oil equivalent (BOE), Petrobras said.

The well is at a depth of 1,200 meters in the Papa-Terra field. Petrobras operates the block with a 62.5 percent stake together with ChevronTexaco Corp's Chevron Overseas do Brasil, which holds 37.5 percent. Petrobras said the gas and oil deposit could start production at the end of 2011.

Prior to the discovery Petrobras reserves came to 11.85 billion BOE. By December 20, its output reached a record 1.857 million barrels per day, which should make Brazil self-sufficient in oil in 2006.

Copyright Agence France-Presse, 2005