-- Petroleo Brasileiro SA, Brazil's state-controlled oil company, said it found oil in an offshore well in the Espirito Santo basin that may hold 150 million barrels of oil.

Petrobras, as the Rio de Janeiro-based company is known, has discovered commercially viable oil in the 4-GLF-23-ESS well in the Golfinho field, according to a statement on its Web site. The discovery is 1,374 meters (4,507 feet) under water.

If proven, the amount of oil in the well is worth $22 billion at current market prices and contains enough oil to supply Brazil for 68 days, according to BP Plc. The well is fully operated by Petrobras, the company said.

Earlier today, the company announced that it found oil and gas in other two wells, without determining if they are commercially viable.

Petrobras discovered traces of oil and gas in the offshore BES-100 oil block in the Espirito Santo basin, northeast of Rio de Janeiro, according to the National Petroleum Agency's Web site. It also found gas in the onshore LM block in the Reconcavo basin.

The shares rose 28 centavos, or 0.7 percent, to 40.88 reais today in Sao Paulo trading. The stock is up 46 percent in the past 12 months.