Brazil's Petrobras Expects First Oil from Franco Field in 2015

RIO DE JANEIRO (Dow Jones Newswires), Aug. 23, 2011

Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, expects to produce its first oil from the Franco field in 2015, a key executive said Tuesday.

Franco was one of the areas obtained from Brazil's government as part of last year's capitalization of the company, which included a $70 billion share offer.

A floating production, storage and offloading vessel, or FPSO, will be installed at the field in 2015, said Jose Formigli, Petrobras's executive manager for pre-salt exploration and production.

"We've already concluded seismic [imaging] of the area where the first production system will be installed," Formigli said.

Franco is expected to produce an average of 13,000 barrels a day in 2015.

Copyright (c) 2011 Dow Jones & Company, Inc.

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