Petrobras Find May Hold Two Billion Barrels

RIO DE JANEIRO, Brazil -- Brazil's state-run oil company says it found a new offshore oil reserve that could hold up to 2 billion barrels of oil.

Petrobras says the light crude is 50 miles (80 kms) off the coast of southeastern Brazil and about a mile (1.4 kms) under the ocean surface, in what is known as the pre-salt reservoirs of the Baleia Franca, Baleia Azul and Jubarte oil fields.

Brazil has made several major offshore oil finds in the past year, and believes up to 80 billion barrels could be recovered. That would make Brazil an oil powerhouse and turn it into a major oil exporting nation.

Petroleo Brasileiro SA made the latest announcement Friday.