Repsol Sinopec Brazil, together with Petrobras and the BG Group, has announced the discovery of a new "high quality" oilfield about 290 kilometers off the coast of the state of Sao Paolo, in Brazil. A statement from the Spanish company informs that this is a very promising oilfield and that initial testing shows 28 degrees API (indicating how heavy petroleum is) at a depth of 4,370 metres. After announcing the discovery of a mega-oilfield in Argentina last week, Repsol has also reported that tests on oil quality continue on the oil discovered last month at the Carioca Nord well, thought to have a potential of 28,000 barrels a day, far more than initially expected.