Reuters reported that Brazil-based Petroleo Brasileiro SA (NYSE:PBR), also known as Petrobras, said that its deepwater oil field south of Rio de Janeiro contains “good quality” crude that is a relatively light grade, meaning that it will be cheaper to refine than oil at Petrobras’ other Brazilian operations.

As quoted in the market news:

Petrobras said it had verified a 438-meter (1,437-foot) column of hydrocarbons in a prospect known as “Franco SW” in the Santos offshore basin about 210 kilometers south of Rio de Janeiro, according to a securities filing.

Franco SW was drilled 17 kilometers to the south of the “Franco” prospect, at a depth of 2,024 meters beneath the ocean’s surface.

Click here to read the full Reuters report.