Oil Reserves Discovered Off Coast of Brazil

Aerial view of La Muralla IV exploration oil rig, operated by Mexican company 'Grupo R' and working for Mexico's state-owned oil company PEMEX, in the Gulf of Mexico on August 30, 2013. The semisubmersible platform is able to drill to a depth of 10.000 meters in an enviroment such as the Gulf of Mexico. AFP PHOTO/OMAR TORRES (Photo credit should read OMAR TORRES/AFP/Getty Images) (National Journal)

According to Brazil's National Petroleum Agency, vast oil reserves have been discovered near the coast of Sergipe, a state on the northern Atlantic coast of Brazil, the Associated Press reports.

Data has not yet been released to indicate the amount of recoverable oil contained in the reserves, and agency director Magda Chambriard said the figures would not be made public until 2016 or later.

The news follows Monday's auction of rights to a major Brazilian oil field off the coast of Rio de Janeiro to a number of foreign bidders, including European oil giant Royal Dutch Shell and Chinese energy companies Cnooc and China National Petroleum.