Franco, in the Santos basin, could contain between 8 billion and 12 billion barrels of oil or more, said Magda Chambriard, director-general of Brazil's National Petroleum Agency, according to local reports.
The field is among six unlicenced pre-salt acreage blocks set aside for development by Petrobras, which is allowed to produce up to 5 billion barrels under an oil-for-shares agreement.
"The opportunity at Franco is enormous," Chambriard was quoted as saying by the Valor Economico newspaper.
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