RIO DE JANEIRO, May 20 (Reuters) - Brazil's state-run oil firm Petroleo Brasileiro SA confirmed on Tuesday that it has found light oil in well 1-SPS-98 drilled in subsalt layers of the Santos Basin.
"Test results confirmed a commercial discovery," a Petrobras statement said of the discovery first announced in February of last year.
The well is the first to be drilled in block BM-S-50 located 194 kms of the shore of Sao Paulo in waters 1,871 meters deep.
Below 6,144 meters, drilling struck 159 meters of reserves of good quality light oil, with a gravity of API 32 degrees, the company said.
The concession is operated by Petrobras, with a 60 percent stake, along with BG Group unit BG E&P Brasil and Repsol Sinopec Brasil, a joint venture between Spain's Repsol and China's Sinopec Corp, which have 20 percent each. (Reporting by Roberto Samora; Editing by Cynthia Osterman)