El Paso Expects Pinauna Output to Begin 4Q08
This year El Paso will focus on project procurement and construction, Smolik said in a webcast.
Output at Pinauna is expected to be 15,000b/d through 2009, he said.
Pinauna is in the Camamu-Almada basin some 12km offshore Bahia state and has reserves of 33M-35Mb paraffin oil, the company said previously.
El Paso's current Brazilian output comes from the Potiguar basin, while exploration work is underway in the Espirito Santo basin.
E&P CAPEX
The company plans to spend US$1.7bn on E&P this year, of which US$215mn will go to international operations "largely" in Brazil, Smolik said. El Paso's total 2007 capex is US$2.7bn.
El Paso will report 4Q06 earnings February 27.
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