Spanish oil major Repsol said Thursday that the block operated by its Brazilian joint venture with China's Sinopec represents at least 700 million barrels of light oil and 3 trillion cubic feet of gas, equivalent to 545 million barrels of oil.

Located in the deepwater Campos Basin, Block BM-C-33 includes the recent Seat, Gavea and Pão de Açucar discoveries and is operated by Repsol Sinopec Brasil, which has a 35 percent stake.

The other partners are Norway's Statoil, with 35 percent, and Brazilian state oil company Petrobras, 30 percent.

The consortium is preparing an appraisal plan for submission to Brazil's National Petroleum Agency, Repsol said, describing the Brazilian offshore as "one of the areas with the highest hydrocarbon reserves growth in the world."

Repsol said its exploration efforts boosted its ratio of barrels found to barrels produced to 131 percent in 2010 and to an industry-best 162 percent last year.

The Spanish firm controls 60 percent of Repsol Sinopec Brasil, which was formed at the end of 2010 and has a number of projects in the South American nation, including the producing Albacora Leste field, two fields under development "12 exploration blocks of high potential." EFE