Petroleo Brasileiro SA or Petrobras, said Tuesday it found the first oil in the deep water of the Potiguar basin off the coast of the Brazilian state of Rio Grande do Norte. The oil was found in the 1-BRS-A-1205-RNS (1-RNS-158) well, also known as Pitu, under 1.1 miles of water 34.2 miles off the coast, the company said in an note to Brazil’s financial markets regulator. Write to Jeffrey T. Lewis at Jeffrey.lewis@wsj.com