The concession lies 58km off the coast of Vitória, capital of Espírito Santo state.
IBV Brasil owns 30% interest in the consortium which exploring the BM-ES-24 concession, while the remaining is held by the operator Petrobras.
The discovery was made during the drilling of well, which is located 64 km from the Golfinho Field, at a water depth of 1,208m.
Gas detector response and profiling data for reservoirs at a depth of 2,008m confirmed the oil discovery.
National Petroleum Agency will receive an assessment plan report from the consortium which will continue exploring the block.
