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Petrobras Starts Up Production at Sapinhoa

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Petrobras commenced commercial production from one of Brazil's largest oil fields – Sapinhoa. The first producing well (Guara-1), with more than 25,000 barrels of daily production potential, was connected to the Cidade de Sao Paulo platform. The field is producing high-quality crude oil with an average density of 30-degree API.

Repsol, a partner in the consortium, stated that additional wells will be connected to the platform in the coming months to reach a production of about 120,000 barrels of crude oil per day in the first half of 2014.

"The Sapinhoá field enters commercial production only four-and-a-half years after its discovery, a further demonstration of the excellent progress we are making in developing our world-class discoveries in the Santos Basin," stated BG Group CEO Chris Finlayson, a partner in the consortium, in a statement.

Petrobras submitted a Declaration of Commerciality with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels for the accumulation of light oil and gas in the Guara area in the beginning of 2012. The operator estimates that the Guara pre-salt area holds roughly 2.1 billion barrels of oil equivalent in Brazil's Santos basin.

In a second development phase of the field, the Ilhabela Cidade platform, with a daily production capacity of 150,000 barrels of oil and 6 million cubic meters of gas, will be installed. This phase of development is expected to begin operating in the second half of 2014.

The produced crude oil will be transferred to tankers and the gas will be transported through the Sapinhoa-Lula-Mexilhao pipeline to the Monteiro Lobato treatment plant in Caraguatatuba, on the Sao Paulo State coast.

Guara is located in Block BM-S-6 about 186 miles (300 kilometers) off the Sao Paulo state coast in a water depth of 7,021 feet (2,140 meters). Petrobras serves as the operator of the consortium, holding a 45 percent interest; while BG Group holds 30 percent; and Repsol Sinopec Brazil holds 25 percent.


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