Brazil says it has found another “elephant.” This time it is a huge natural gas field called, Jupiter, which could match the recently discovered Tupi oil field in size. The field has been found a short distance off Rio de Janeiro’s coastline.

While not providing any specific details on the size of the new reserve, Petrobras said “its structure could have dimensions similar to Tupi”.

Petrobras estimates Tupi contains between five and eight billion barrels of light oil, and is thought to be one of the largest fields discovered in the past 20 years.

The new field is located just 37km from Tupi, and some 5,100m below the surface of the Atlantic Ocean, around 290km from Rio de Janeiro, Petrobras says.