BRASILIA--Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said Monday it has drilled deeper in the Carcara well and confirmed it is continuing to find oil. The company first announced the discovery in March, and it and its partners have now drilled to a depth of 6,213 meters (3.9 miles.) Drilling continues, Petrobras said. The company has confirmed a column of oil of more than 400 meters and the oil has an API gravity of 31 degrees, Petrobras said. The deposit is in the BM-S-8 block off the coasts of Rio de Janeiro and Sao Paulo states. Petrobras is lead operator of the block with a 66% stake, while Portugal's Galp Energia (GALP.LB) holds 14%. Queiroz Galvao Exploracao e Producao (QGEP3.BR) and Barra Energia do Brasil each hold 10% stakes. Potential volumes for the BM-S-8 finds weren't disclosed, but Brazil officials have estimated the so-called presalt discoveries could potentially hold as much as 100 billion barrels of oil. Petrobras is investing heavily to tap the reserves, with plans to spend $224.7 billion through 2015. Write to Jeffrey T. Lewis at jeffrey.lewis@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires
