Statoil venture finds large oil field off Brazil

OSLO, Norway — Norway’s Statoil says its joint venture with Petrobras and Repsol Sinopec has discovered oil some 120 miles off the Brazilian coast in the Atlantic Ocean.

The field is nearly one-and-a-half miles below the ocean’s surface. Statoil is calling the field a high-impact discovery, meaning it could contain more than 250 million barrels of oil equivalent.

The Norwegian company said Monday that it would own approximately 100 million barrels of the field since it owns a 35 percent stake in the joint venture.

Brazil’s Petrobas owns 30 percent of the venture, while Repsol Sinopec, a Brazilian-Chinese operator, has 35 percent.

Statoil currently operates the Peregrino field in Brazil.