State-run oil giant Petrobras said on Thursday it found light crude in reserves situated off the coast of the state of Rio de Janeiro.

Preliminary studies indicate around 280 million barrels of light crude found about 120 kilometers (75 miles) off the coast of Rio de Janeiro state in the Campos basin, the company said in a statement.

(Reporting by Roberto Samora; Writing by Ana Nicolaci da Costa; Editing by Phil Berlowitz)