Spanish oil company Repsol on Thursday announced it made one of the year's largest oil and natural gas discoveries, off the coast of Brazil.

The site is located roughly 120 miles off the coast of Rio De Janeiro state in the country's Campos Basin. Repsol confirmed the potential to recover 700 million barrels of oil and 3 trillion cubic feet of natural gas. In all, that is 1.2 billion barrels of oil equivalent.

Brazil is at the heart of a energy boom, the majority of which is located offshore. The country has been home to some of the largest oil discoveries in recent years and is one of the areas with the highest hydrocarbon reserves growth in the world, Repsol said.

Brazil is said to have as much as 100 billion barrels of oil trapped in offshore deposits and as much as 430 trillion cubic feet of natural gas, reported the U.S. Geological Survey.